The IPO Buzz: Wealthfront (WLTH Proposed) Sets Terms for $450 Million IPO

Wealthfront Corp. (WLTH Proposed), an automated wealth management firm that focuses on “digital native” clients – namely, Millennials and Gen Z people, unveiled the terms for its $450 million IPO early today – Tuesday, Dec. 2, 2025. The deal consists of 34.62 million shares at a price range of $12.00 to $14.00 to raise $450.06 million, if priced at the $13.00 mid-point of its range, according to the S-1/A filing dated Dec. 2, 2025. Wealthfront would have a market cap of about $1.9 billion – assuming the IPO is priced at  the $13.00 mid-point of its range.

Wealthfront’s IPO is expected to price during the week of Dec. 8, 2025. This is a NASDAQ listing.

Goldman Sachs and J.P. Morgan are the lead joint book-runners of Wealthfront’s IPO. Citigroup, Wells Fargo Securities and RBC Capital Markets are also joint book-runners on the deal.

The Wealthfront IPO is the third large IPO to launch since early Monday morning (Dec. 1, 2025) and land on the IPO Calendar for pricing next week. It joins Cardinal Infrastructure (CRDL Proposed), a $242 million IPO led by Stifel and William Blair, and Lumexa Imaging Holdings, Inc. (LMRI Proposed), a $462.5 million IPO led by Barclays and J.P. Morgan, in the line-up for pricing next week.

Of the 34.62 million shares in Wealthfront’s IPO, Wealthfront is offering about 21.47 million shares while selling shareholders are offering about 13.15 million shares. Wealthfront will not receive any proceeds from the sale of the selling stockholders’ shares.

Wealthfront expects to receive net proceeds of about $255.2 million, if the IPO is priced at the $13.00 mid-point of its range, according to the prospectus. The company plans to use some of the IPO’s proceeds to repay $200 million of debt under a revolving credit facility, the prospectus said.

Wealthfront, based in Palo Alto, California, is an automated wealth management platform – also known as a “robo-advisor” – whose target clientele consists of people born after 1980. The average age of its “individual funded client is 38,” Wealthfront said in the prospectus. The company was founded in 2007. From the prospectus:

“We’re a different kind of FinTech. We are a technology company that built a financial solutions platform for “digital natives,” defined as those born after 1980 (i.e., Millennials, Gen Z, and later generations). Our platform is designed to address the needs of the wealth builders within these generations. We have differentiated, trusted relationships with our clients due to our unique and fundamentally aligned incentives. Simply put, we succeed because our clients succeed.

“We were among the first digital-only financial solutions platforms, and we pioneered using automation to offer low-cost diversified portfolios. We built our platform using software to deliver our solutions quickly, conveniently, and at low cost. These principles align with the preferences of digital natives, who use digital platforms for the vast majority of their everyday services ranging from entertainment and commerce to food delivery and ride sharing.

“Our technology-driven financial solutions help clients turn savings into long-term wealth. Our broad suite of products, including cash management, investment advisory, borrowing and lending, and financial planning solutions, address the diverse financial needs of our clients regardless of the economic environment.”

As of July 31, 2025, Wealthfront had over 1.3 million funded clients who earn about $165,000 a year, the prospectus said. On that date, Wealthfront had $88.2 billion in platform assets.

Wealthfront is profitable, according to the prospectus: Net income of $122.8 million on revenue of $338.6 million for the 12 months that ended July 31, 2025.