Chime Sets Sights on IPO with $25B Valuation, Reveals $33M Mavericks Sponsorship Deal
After years of speculation, digital banking startup Chime has taken a major step toward going public by officially filing its S-1 registration with the U.S. Securities and Exchange Commission. The filing, submitted on Tuesday, follows a previously confidential submission made in December 2024, marking the company’s long-anticipated move toward an IPO.
Many Details Still Under Wraps
Although the filing is now public, much of the document remains incomplete. The exact number of shares to be offered and the projected pricing range are yet to be disclosed. However, Renaissance Capital, an IPO research firm, estimates that Chime may be looking to raise up to $1 billion from the offering.
Chime has also not revealed how many shares existing insiders plan to sell, leaving a key aspect of investor interest still uncertain. According to the filing, major shareholders include prominent investors such as Yuri Milner’s DST Global, Michael Stark’s Crosslink Capital, Len Blavatnik’s Access Industries, and well-known venture capital firms like General Atlantic, Menlo Ventures (represented by board member Shawn Carolan), the Sino French Innovation Fund, and Iconiq.
Backed by Big Capital and Big Names
Chime has raised a total of $2.65 billion in funding as a private entity, according to PitchBook. Its most recent raise in 2021 pegged its valuation at a hefty $25 billion. This impressive backing has attracted a wide network of venture capital firms, including Kirsten Green’s Forerunner Ventures and Hunter Walk’s Homebrew, both of which count Chime among their portfolio companies.
Major Underwriters Signal Confidence
Adding to the gravity of the IPO, Chime has enlisted some of Wall Street’s biggest names to underwrite the deal. Morgan Stanley, Goldman Sachs, and JP Morgan are all on board — a clear indication that the fintech firm is aiming for a high-profile debut.
Financials Indicate Growth and Improved Margins
Investors may be particularly encouraged by Chime’s financial performance. In 2024, the company reported $1.67 billion in revenue while cutting its losses to $25 million, a dramatic improvement from $1.3 billion in revenue and $203 million in losses the previous year. In the first quarter of 2025 alone, Chime generated $519 million in revenue, suggesting the company could hit the $2 billion revenue mark this year and come close to breaking even.
Core Services and User Base
Chime operates as a consumer-focused digital bank offering services such as checking and savings accounts, along with debit and credit cards. The company currently boasts 8.6 million active users, underscoring its strong market presence in the competitive fintech landscape.
A $33 Million Sponsorship with the Mavericks
One notable detail in the S-1 is a previously undisclosed marketing deal with the Dallas Mavericks. Chime board member Cynthia Marshall, who served as CEO of the Mavericks from 2018 through December 2024, oversaw the sponsorship agreement. From 2022 to 2024, Chime paid around $33 million to become an official sponsor, which included placing its logo on the team’s jerseys and other promotional benefits.
Interestingly, had the company not made that investment, it “might have already been profitable,” the filing implies.
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