Shopify has reclaimed its title as Canada’s most valuable company by market cap, exceeding analyst projections in Q2 earnings and appearing unaffected by rising consumer costs and trade uncertainties.
The impact of Shopify’s earnings could have overshadowed other Canadian tech firm reports, if not for BetaKit’s coverage of Mogo, Thinkific, and Propel below.
The wave of positive reports from numerous companies this week is promising given last year many Canadian tech firms chose to return private rather than go public.
With nearly 80 Canadian tech companies privately generating over $100 million USD in annual revenue, will one take advantage of an IPO window that has remained closed since late 2021?
According to Thomson Reuters Ventures’ Tamara Steffens, as told to Alex Riehl last year, public markets have a “brutal” scrutiny level, leading many to pursue secondaries for capital and cap table refreshes. Global secondary market volume reached a record $103 billion USD in the first half of 2025.
Public market hopefuls are likely watching design software firm Figma closely. Figma had a landmark start in trading in July, but it has lost $21 billion USD in value since, now trading below its IPO initial price.
Canadian tech companies hesitant to face similar market volatility might remain cautious. For instance, 1Password has said it is waiting until 2026.
Douglas Soltys
Editor-in-chief
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