Ethos Technologies IPO: Profitable insurtech targets $1.3B valuation, half its 2021 peak

Ethos Life, the Austin-based life insurance platform, announced its initial public offering on January 20, 2026, targeting a valuation of approximately $1.3 billion. The company is offering 10.5 million Class A shares at a price range of $18–20 per share on Nasdaq under the ticker "LIFE," aiming to raise around $211 million gross proceeds through a mix of primary and secondary shares.

Founded in 2016 by Peter ColisDealroom has a profile for this one. Try Dealroom → and Lingke WangDealroom has a profile for this one. Try Dealroom →, Ethos operates as a licensed producer and technology platform partnering with major carriers including Legal & General America, TruStageDealroom has a profile for this one. Try Dealroom →, AmeritasDealroom has a profile for this one. Try Dealroom →, and Protective to distribute term and whole life insurance digitally. The company serves customers through both direct-to-consumer channels and a network of more than 10,000 independent agents.

The IPO comes as Ethos demonstrates strong financial performance, with nine-month 2025 revenue of approximately $278 million (up 55% year-over-year) and net income of roughly $47 million, marking several consecutive years of profitability. The targeted valuation represents a significant markdown from the company's $2.7 billion peak valuation following SoftBank's investment in July 2021, reflecting broader market repricing of late-stage insurtechs.

Goldman SachsDealroom has a profile for this one. Try Dealroom →and J.P. MorganDealroom has a profile for this one. Try Dealroom → are leading the offering, with Ethos planning to use proceeds for tax obligations related to equity awards and general corporate purposes.

Sources: Reuters
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