Klarna is the latest upstart to file for a U.S. IPO as tech companies look to hit the public market following a historically slow stretch for new offerings. Earlier this month, CoreWeave, a provider of cloud-based Nvidia processors to companies including Meta and Microsoft, filed its prospectus.
Cloud software vendor ServiceTitan hit the market in December, marking the first significant venture-backed tech IPO since Rubrik's debut in April. A month before that, Reddit started trading on the NYSE. There haven't been many other tech IPOs of note in the U.S. since late 2021, when rising interest rates and soaring inflation pushed investors out of risky assets.
Market volatility could still get in the way of Klarna's plans. The Nasdaq just wrapped up its fourth straight week of losses, closing on Thursday at its lowest level since September before rebounding a bit on Friday.