Ethos Technologies Inc. has set terms for its initial public offering, with the digital life insurance platform seeking to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “LIFE.” The company plans to offer 10.5 million shares at an expected price range of $18.00 to $20.00 per share, implying a deal size of approximately $200 million at the $19.00 midpoint. The offering consists of 5.13 million primary shares sold by the company and 5.40 million shares sold by existing stockholders, with Ethos receiving proceeds only from the primary portion. Following the offering, the company expects 62.9 million total Class A and Class B shares outstanding, implying an equity market capitalization of approximately $1.2 billion at the midpoint. The IPO is led by Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Citigroup, and Deutsche Bank Securities, along with a broad syndicate of co-managers.
Founded in 2018, Ethos operates a vertically integrated, three-sided technology platform that connects consumers, independent agents, and insurance carriers through a fully digital underwriting and policy administration system. The platform enables most applicants to receive underwriting decisions within minutes, significantly reducing friction compared with traditional life insurance workflows. Ethos does not assume balance sheet risk on the policies sold through its platform, instead generating revenue through commissions paid by insurance carriers, resulting in a capital-light and highly scalable operating model.
Ethos has delivered rapid growth alongside a sharp improvement in profitability. Revenue increased from $160 million in 2023 to $255 million in 2024, representing approximately 60% year-over-year growth, driven by higher policy volumes and expanding distribution across both direct-to-consumer and agent channels. Importantly, the company achieved a profitability inflection in 2024, generating $48.7 million of operating income and $48.8 million of net income, compared with a modest operating loss in the prior year.
Momentum has continued into 2025. For the nine months ended September 30, 2025, Ethos reported $277.5 million in revenue, representing 47% growth compared with the same period in 2024. Operating income totaled $48.5 million, while net income reached $46.6 million, reflecting operating leverage as the business scales. The company’s margin profile continues to benefit from underwriting automation, data-driven risk assessment, and disciplined expense growth within its commission-based revenue model.
Operationally, Ethos has reached meaningful scale. Since inception, the platform has supported more than 500,000 cumulative insurance policies and works with over 10,000 active selling agents across multiple long-tenured carrier relationships. The company has expanded its product suite beyond term life to include whole life, indexed universal life, estate planning, and supplemental health insurance products, broadening its addressable market and deepening relationships with both consumers and agents.
From a valuation standpoint, Ethos is coming public at approximately 3.1x LTM revenue at the IPO midpoint, positioning the company between traditional insurance distributors and higher-multiple insurtech carriers. Compared with distribution-focused peers such as SelectQuote and GoHealth, Ethos commands a premium valuation reflecting its proprietary underwriting technology, strong growth profile, and profitability. At the same time, the company trades at a discount to earlier-generation insurtech carriers such as Lemonade, which assume balance sheet risk and remain loss-making. This positioning places Ethos closer to a fintech-style valuation framework than a traditional insurance carrier.
Following the offering, Ethos will operate as a controlled company, with founders and existing investors retaining voting control through high-vote Class B shares. As the 2026 IPO calendar continues to take shape, Ethos represents a notable test case for later-stage fintech and insurtech companies seeking public market capital, offering a combination of strong revenue growth, profitability, and a scalable, capital-light technology platform.
Ethos is expected to kick off trading on Thursday, January 29th, 2026