Ethos Technologies Goes Public on Nasdaq
Ethos Technologies, a San Francisco-based provider of software for selling life insurance, made its debut on the Nasdaq on Thursday, marking one of the year’s first major tech IPOs. The insurtech platform is being closely monitored as a bellwether for the 2026 listing cycle.
The company, along with its selling shareholders, successfully raised approximately $200 million in the offering by selling 10.5 million shares at $19 each under the ticker symbol “LIFE.” Ethos operates a three-sided platform where consumers can purchase policies online in just 10 minutes without the need for medical exams. It boasts over 10,000 independent agents utilizing its software to facilitate sales, with carriers like Legal & General America and John Hancock relying on its underwriting and administrative services. Ethos itself is not an insurer but a licensed agency that earns commissions on sales.
Despite closing its first day of trading at $16.85, 11% below its IPO price, Ethos co-founders Peter Colis and Lingke Wang have reason to celebrate. They have successfully grown the business, which originated a decade ago, to a scale where it is now publicly traded.
Reflecting on the journey, Colis mentioned, “When we launched the business, there were several other life insurtech startups with similar models. Over time, many of these startups either pivoted, were acquired at a smaller scale, or ceased operations altogether.”
For instance, Policygenius, a competitor that raised over $250 million, was acquired by PE-backed Zinnia in 2023, while Health IQ, which secured more than $200 million in funding, filed for bankruptcy in the same year.
Despite facing similar challenges, Ethos managed to stay the course by prioritizing profitability as the landscape of funding shifted in 2022. This strategic focus led the company to achieve profitability by mid-2023, as outlined in its IPO documents. Additionally, Ethos has maintained a robust year-over-year revenue growth rate exceeding 50%, generating nearly $278 million in revenue and close to $46.6 million in net income in the nine months ending September 30, 2025.
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Despite ending its first day as a public company with a market capitalization of approximately $1.1 billion, significantly lower than the $2.7 billion valuation from its last private round in 2021, Ethos remains optimistic about its future prospects.
When questioned about the decision to go public, Colis emphasized the importance of building trust and credibility with potential partners and clients. He noted that being publicly traded signals the company’s longevity, particularly in an industry where many major insurance carriers have been in existence for over a century.
Notable shareholders in Ethos include Sequoia, Accel, GV (Google’s venture arm), SoftBank, General Catalyst, and Heroic Ventures. Sequoia and Accel chose not to sell shares in the IPO, as disclosed by the company.
