Ethos Technologies, a life insurance technology company supported by venture capital firms Accel and Sequoia, announced on Tuesday its target valuation could reach up to $1.26 billion in its upcoming U.S. initial public offering. The company and some existing shareholders plan to raise as much as $210.5 million through the sale of 10.5 million shares, with each share priced between $18 and $20.
Insurance company IPOs reached a 20-year high on Wall Street in 2025, as investors turned to firms seen as less affected by former U.S. President Donald Trump's trade policies.
Of the total shares being offered, Ethos is selling 5.1 million, while shareholders including GV, Alphabet's venture capital arm, and General Catalyst are offering 5.4 million shares.
The company initially filed its registration documents publicly in late September but did not proceed with the offering in 2025. A prolonged U.S. government shutdown last year temporarily suspended Securities and Exchange Commission operations, pushing several planned offerings into 2026.
Founded in 2016 by Peter Colis and Lingke Wang, Ethos operates a platform that partners with carriers to provide life insurance to families throughout the United States.
For the nine months ended September 30, Ethos reported net income of $46.6 million on revenue of $277.5 million. This compares to net income of $39.3 million on revenue of $188.4 million for the same period a year earlier.
In a 2021 funding round, Ethos secured $100 million from Japanese conglomerate SoftBank, which valued the company at $2.7 billion.
Goldman Sachs and J.P. Morgan are serving as the lead book-running managers for the offering. Ethos expects to list its shares on the Nasdaq stock exchange under the ticker symbol "LIFE".