Thursday, October 16, 2025

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Major IPOs Shelved as Trump’s Tariff Announcement Rattles Markets

At least two major companies have postponed their initial public offerings following market turbulence triggered by President Donald Trump’s sweeping tariff announcement, according to sources familiar with the matter.

Swedish fintech giant Klarna Group and ticketing marketplace StubHub Holdings have both paused their IPO plans that were set to begin next week, as the recent stock market volatility has created challenging conditions for companies seeking to go public.

Klarna, a buy-now-pay-later provider that had targeted a $15 billion valuation on the New York Stock Exchange, filed IPO documents earlier this year under the ticker “KLAR.” The company, which was last valued at $6.7 billion in 2022, counts Sequoia Capital, Abu Dhabi’s Mubadala Investment fund, and the Canada Pension Plan Investment Board among its backers.

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StubHub, which had planned to list under the ticker “STUB” with a valuation target of at least $16.5 billion, is postponing its investor roadshow for the second time. The company previously delayed its IPO last summer due to sluggish market conditions.

The postponements follow Trump’s announcement of extensive trade barriers that sent global stocks downward. US markets lost approximately $5-6 trillion in value last week, according to market data, representing the most significant weekly decline since the 2020 pandemic market crash.

Digital banking service Chime is also delaying its IPO plans, pushing back the public filing of its financials with regulators. Additionally, cryptocurrency firm Circle and virtual physical therapy company Hinge Health are closely monitoring market conditions before proceeding with their listing plans.

In its IPO filing last month, Klarna specifically warned that tariffs could pose a risk to growth, noting that changes in international trade policies could “lead to consumer spending and adversely affect the financial condition of our merchants.”

Shares of Affirm, Klarna’s main US competitor, have plummeted 46% this year, including a significant drop on Friday alone, bringing its market capitalization to $11.4 billion — below Klarna’s IPO valuation target.


Information for this story was found via the Wall Street Journal, Bloomberg, Fortune, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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