Sequoia, Accel-backed Ethos Technologies eyes $1.3 billion valuation in U.S. IPO

Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Dec. 10, 2025. (AP Photo/Seth Wenig)

Ethos Technologies, backed by venture capital firms Accel and Sequoia, said on Tuesday it was targeting a valuation of up to $1.26 billion in its U.S. initial public offering, as the insurance IPO momentum extends into 2026.

The life insurance technology company and some of its existing shareholders are seeking up to $210.5 million by selling 10.5 million shares priced between $18 and $20 apiece.

First-time share sales from insurance companies hit a 20-year high on Wall Street in 2025 as investors flocked to firms insulated from U.S. President Donald Trump’s trade war.

Ethos is selling 5.1 million shares, while shareholders such as Alphabet’s venture capital arm GV and General Catalyst are parting ways with 5.4 million shares.

The company publicly filed its paperwork in late September but did not move forward with the stock market flotation in 2025. The longest-ever U.S. government shutdown last year temporarily halted the Securities and Exchange Commission operations and delayed several offerings into 2026.

Founded in 2016 by Peter Colis and Lingke Wang, Ethos works with carriers through its platform to offer life insurance to families across the U.S.

The company reported a net income of $46.6 million on revenue of $277.5 million in the nine months ended September 30, compared with a net income of $39.3 million on revenue of $188.4 million a year earlier.

Ethos raised $100 million in a 2021 funding round from Japanese conglomerate SoftBank 9984.T at a $2.7 billion valuation.

Goldman Sachs and J.P. Morgan are the lead book-running managers for the offering. Ethos will list on the Nasdaq under the symbol “LIFE.”

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore)