Chime, whose pending IPO is expected to be one of 2025’s blockbuster hits, issued a share price range on Monday of $24 to $26.

That’s an up-to-$11.2-billion market cap. At the mid-range, the company will raise $800 million for itself and a handful of investors, including European VC powerhouse Cathay Innovation, who plan to sell some shares in the IPO.

Even in these slow IPO times, this wouldn’t be the biggest IPO of 2025. Coreweave, which raised $1.5 billion, and was valued at $23 billion, holds that title. This, even though Coreweave had hoped for far more from its IPO.

Still, Chime’s IPO is one to watch given that the company is reporting fast revenue growth and falling expenses. It reported $1.3 billion in revenue in 2023 and $1.7 billion in 2024 — and it has already booked over $518 million in the first quarter of 2025. Losses shrank from $203 million in 2023 to $25 million in 2024.

The only black eye for Chime is that its last known private valuation was $25 billion, according to Pitchbook’s estimates, far higher than this target. But that doesn’t mean much. If investors are hot for this stock, it will price its IPO above the target range. And if retail investors want it on its first day of trading, its valuation will pop from there.

And there’s at least one strong indication that insiders think it will do that: Even with the thirst for liquidity in venture these days, aside from Cathay, Chime’s largest shareholders are not, at this juncture, selling, according to its latest filing. We’ll see if another filing reveals more insider sales. But other major investors that are holding their stakes include billionaire Yuri Milner’s DST Global, Michael Stark’s Crosslink Capital, and billionaire Len Blavatnik’s Access Industries, as well as VC firms General Atlantic, Menlo Ventures (led by board member Shawn Carolan), and Iconiq, according to the paperwork.

The IPO is currently expected to happen sometime during the week of June 9.