The profitable life-insurance platform was one of the first major tech companies to test the 2026 public markets.

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Ethos Technologies, a life insurance software platform, successfully went public on Nasdaq raising $200 million at a $19 share price, becoming one of 2026's first major tech IPOs. While the stock closed 11% below IPO price, Ethos stands out among insurtech competitors—many of which were acquired, pivoted, or went bankrupt. The company achieved profitability by mid-2023 and maintains 50%+ revenue growth, generating $278 million in revenue and $46.6 million in net income in the nine months ending September 2025. Despite current $1.1 billion market cap being below its 2021 $2.7 billion private valuation, the company went public to gain credibility with century-old insurance carriers.

How Sequoia-backed Ethos reached the public market while rivals fell short

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