Wealthfront (WLTH) priced its IPO at $14.00 – the top of its $12.00-to-$14.00 range- and sold 34.62 million shares – the number of shares in the prospectus – to raise $484.68 million on Thursday night, Dec. 11, 2025. At pricing, Wealthfront had a market cap of $2.05 billion. Wealthfront’s stock started trading at $14.00 – flat with its IPO price – on NASDAQ on Friday afternoon – Dec. 12, 2025.
Goldman Sachs and J.P. Morgan were the lead joint book-runners.
Wealthfront (WLTH), based in Palo Alto, California, operates an automated wealth management platform – also known as a “robo-advisor” – whose target clientele is made up of people born after 1980 – notably Millennials and Gen Z people.
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.
Of the 34.62 million shares in the IPO , the company offered 21.47 million shares and selling shareholders offered 13.15 million shares. Wealthfront will not receive any proceeds from the sale of the selling stockholders’ shares.
Cornerstone investors BlackRock, Inc. and Wellington Management had indicated an interest in purchasing up to an aggregate of $150 million in stock at the IPO price, according to the prospectus,
The average age of Wealthfront’s “individual funded client is 38,” the company said in the prospectus. As of July 31, 2025, Wealthfront had over 1.3 million funded clients who earn about $165,000 a year. Wealthfront had $88.2 billion in platform assets, as of July 31, 2025. The company was founded in 2007.
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.
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