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Healthcare’s IPO Revival: The Nine Startups Bankers Say Could Go Public Next

Sarah Johnson

 

The digital health sector is stirring back to life. After a pause in new public listings, the successful IPOs of Hinge Health and Omada Health have sparked renewed speculation. Bankers and investors are now watching nine healthcare startups that they believe could be lining up for market debuts. Let’s dive into who’s on deck and why their timing might define the next wave of healthcare investing.

1. Aledade – Proving Sustainable Growth

Aledade delivered $475 million in revenue in 2022 and operates profitably. Its model of value-based care makes it a promising candidate, potentially showcasing sustainable healthcare practices.

2. Datavant – Data’s Public Face

With a $7 billion valuation and a trail of strategic acquisitions, Datavant has positioned itself as a leader in healthcare data exchange. Bankers see it as IPO-ready thanks to strong fundamentals and its data-heavy moat.

3. Lyra Health & Spring Health – Mental Health on the Trading Floor

Both companies dominate the mental health tech space. If market conditions remain favorable, Lyra and Spring Health could bring therapy startups to Wall Street.

4. Maven & Virta Health – Tackling Women’s Health and Chronic Illness

Maven (women’s care) and Virta (diabetes and obesity) have solid financials and substantial investor backing. Virta’s accelerating growth and potential profitability could make it a standout in the next IPO cycle.

5. Transcarent – Navigating Corporate Wellness

Backed by the acquisition of Accolade and seasoned leadership, Transcarent is building momentum in workplace healthcare making it another contender for an IPO.

6. Medline – Private Equity Giant Testing Public Waters

Valued at $50 billion and owned by private equity, Medline's confidential S‑1 filing indicates serious IPO plans. A public listing could redefine expectations for private equity-backed healthcare players.

7. Zelis – Payments Pioneer with Precedent

Zelis, with its medical-claims software, echoes the success of Waystar. After selling a minority stake and with solid economics, Zelis is primed to go public though bankers caution it may delay if valuations don't justify it.

Timing: Why 2026 Might Be Bigger

Despite excitement, most of these startups won't debut until 2026 or later. While investor appetite is growing, IPO readiness demands strong profitability, revenue scale, and stable market conditions. Bankers emphasize that good earnings and sustained growth are now essential before making the leap .

Key Takeaways

  • Selectivity is back: Only large, profitable companies with solid revenue are being considered.

  • IPO surge is cautious: Despite renewed interest, widespread public listings are unlikely before 2026.

  • Enduring impact: A successful wave of healthcare IPOs would boost investor confidence and reshape sector valuations.

Conclusion

The healthcare IPO market is awakening but it's not a sprint. As startups like Aledade, Datavant, and Virta position themselves for public listing, they’re doing so with far more discipline and financial rigor than in past cycles. Their success could usher in a stronger, more reliable era for healthcare investors and reinforce the sector’s credibility in public markets.

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