How to stay story-ready when the destination is clear, but the timeline isn’t.
Even if you know an IPO is in your future, you might not know when. It could be a few years down the road, “in the next 12 months,” or simply “when the markets look better.” The timing is uncertain, but the trajectory is clear.
That’s where many growth-stage companies are right now: the in-between. The market has reopened, cautiously. Investors are curious but choosy. Bankers are circling, but no one’s penciling a date.
This is the pre-IPO gray area, the period when a company knows the public markets are ahead, but the timeline is uncertain. You’re still private, but starting to think and communicate like a public company. The story you tell now — to employees, customers, and the market — will shape how you’re perceived when the window finally opens.
This isn’t the first time companies have found themselves in limbo between private and public. After the dot-com bust, the 2008 recession, the mid-2010s unicorn slowdown, and the post-SPAC pullback of 2022–2024, markets have repeatedly forced IPO-ready companies to wait. The ones that used that pause to strengthen their story were best positioned when the window reopened.
And that window is starting to open, even if it’s still narrow.
The Market Reality: IPOs Are Back (Sort Of)
After a two-year period of near silence, the IPO market is stirring again.
- 65 IPOs priced in the U.S. in Q3 2025, raising about $15.7 billion, a sharp jump from last year (EY Global IPO Trends).
- Deal volume rose 16% year-over-year in Q2 2025, but total proceeds fell by around 20% — investors remain selective.
- Tech, AI, and industrial companies are leading activity; consumer and fintech are still cautious.
- Analysts point to a strong backlog of “IPO-ready” firms waiting for valuation stability.
The takeaway: the market isn’t wide open, but it’s also not closed, either — it’s selective. In a market this discerning, the advantage goes to companies that are communications-ready long before they’re S-1-ready.
Why the Gray Area Matters
The Gray Area can last months or years. In that time, your story can drift. Leaders change, products evolve, and the market’s focus shifts. Suddenly, the company that intended to appear IPO-ready starts to sound inconsistent.
When timing is uncertain, many go quiet. The better move? Build communication discipline. Act like a company that could go public at any moment. When the window opens, those already communicating with clarity and confidence move first.
Five Moves That Pay Off Later
At Inkhouse, we see the difference between companies that wait and those that prepare their IPO comms in advance. The winners use the Gray Area to build narrative muscle:
1. Audit and Align Your Story
Ask quarterly: Would our message hold up under investor scrutiny?
Your story should explain why you matter, what you do, and how you lead — no jargon, no hype. As the market favors both profitability and purpose, ensure your messaging reflects both, while avoiding specific financial details that could become part of your public record in the future. Once those numbers are out there, they set expectations you’ll be held to — even if the market or your business evolves.
2. Elevate Leadership Visibility with Purpose
By now, most growth-stage companies have a strong leadership bench. The next step is ensuring that visibility reflects maturity, not just momentum. Prioritize appearances where your peers and potential investors are listening, pursue earned media that puts you in ongoing conversations, and develop owned thought leadership that shows perspective and confidence, not promotion.
3. Think Like a Public Company
Adopt the mindset of a public company before you become one. Train teams to speak with clarity and accountability, emphasizing discipline over disclosure. Share what you can: retention, customer impact, sustainability, operational progress. As we noted above, avoid specifics that could later become part of your public record, but start developing the rigor you’ll need once every statement carries market weight.
4. Keep Employees Informed (and Calm)
Employees can sense the build-up to an IPO long before it’s announced. That’s why internal communication is critical. Clear, steady messaging keeps excitement productive and reinforces trust in leadership during a time of change.
5. Plan for Multiple Timelines, Even If There’s No Timeline
You can’t control when the market window opens, but you can prepare for every version of it. Whether the IPO happens next quarter or next year, your story should stay consistent. Build modular messaging that can accelerate, pause, or shift focus without losing integrity. The goal is flexibility without drift — readiness that adapts to timing, not one that depends on it.
The Comms Leader’s Role: Continuity in Uncertainty
In the Gray Area, comms leaders aren’t just managing IPO PR, but ultimately holding the narrative line.
You connect legal, finance, HR, and the external story. You ensure the company doesn’t sound like three different versions of itself, depending on who’s talking. You walk a fine line, maintaining visibility without overhyping, and discretion without going silent.
We often remind clients that an IPO isn’t just a moment in time; it’s an entire mindset. The companies that treat readiness as a continuous discipline, not a last-minute sprint, are the ones that move smoothly when the window finally opens.
When the Window Opens
If you’ve built story discipline in the Gray Area, the IPO won’t feel like a scramble. Your leaders will already sound practiced, your employees will understand the why, and your story will already resonate with the market.
You don’t become a public company the day you list. You become one in how you communicate, long before the ticker symbol exists.
At Inkhouse, we help companies communicate like public leaders long before they file their IPO paperwork. If your story is entering the Gray Area, now’s the time to start shaping it, and we can help. Contact our team to discover how we support companies through every stage of IPO readiness.
