Sequoia and Accel-backed Ethos Technologies files for IPO, eyes $1.26B valuation

Wall Street’s insurance IPO streak is far from cooling off. Ethos Technologies, a life insurance startup backed by Sequoia Capital and Accel, plans to go public with a valuation of up to $1.26 billion. The San Francisco company said it aims to raise up to $210.5 million by selling 10.5 million shares priced between $18 and $20. The stock will trade on Nasdaq under the ticker “LIFE.”

The timing is no accident. Insurance IPOs hit a 20-year high in 2025, fueled by investor demand for companies viewed as shielded from the trade tensions tied to U.S. President Donald Trump’s policies. Ethos is stepping into that momentum at a moment when public markets appear open again to fintech and insurtech hopefuls.

“The life ‍insurance technology company and some of its existing shareholders are seeking up ⁠to $210.5 million by selling ‍10.5 million shares priced between $18 and $20 apiece,” Reuters reported.

Goldman Sachs and J.P. Morgan are leading the offering as book-running managers.

From stealth to public markets: Ethos targets $1.3B valuation in Nasdaq debut

For long-time watchers of the startup space, Ethos is not new. TechStartups first covered the company in June 2018 when it emerged from stealth with $11.5 million in funding led by Sequoia. The round drew a high-profile mix of backers, including Stanford University, Roc Nation subsidiary Arrive, Robert Downey Jr.’s Downey Ventures, Kevin Durant’s Durant Company, Will Smith’s Smith Family Circle, and a credit facility from Silicon Valley Bank.

Founded in 2016 by Lingke Wang and Peter Colis, Ethos set out to fix what most people hate about buying life insurance. Long forms. Medical exams. Hidden fees. Weeks of waiting. The founders wanted none of that.

Ethos built a digital-first process that uses predictive analytics to speed up underwriting. For many customers, the application process takes about 10 minutes. No paperwork marathons. No awkward doctor visits. The goal was simple: make life insurance feel less like a chore and more like a modern service people can actually tolerate.

That pitch has resonated. Ethos now serves families looking for quick coverage without fine print traps or surprise charges. Its rise mirrors a broader shift in financial services, where consumers expect faster onboarding and clearer pricing.

Going public marks a major milestone for the company and its early backers. A $1.3 billion valuation would place Ethos firmly in unicorn territory, a long way from its early days pitching a cleaner take on life insurance.

If market conditions hold, Ethos could become one of the more closely watched tech IPOs of 2026, especially as investors hunt for growth stories outside the usual software playbook.

For a startup built around making a boring product easier to buy, this public debut could be its biggest test yet.