WEALTHFRONT CORP
Filed Sep 29, 2025.
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A company's registration of shares for sale to the public, often for a first offering. It describes the business, its risks and how the company plans to use the money.
period unavailable · Filed Sep 29, 2025
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S-11 wealthfront-sx1.htm S-1
As filed with the U.S. Securities and Exchange Commission on September 29, 2025
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
(Exact name of registrant as specified in its charter)
| Delaware | 6199 | 20-8280144 |
|---|---|---|
| (State or other jurisdiction ofincorporation or organization) | (Primary Standard IndustrialClassification Code Number) | (I.R.S. EmployerIdentification Number) |
261 Hamilton Avenue
Palo Alto, California 94301
(844) 995-8437
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
David Fortunato
Chief Executive Officer and President
Wealthfront Corporation
261 Hamilton Avenue
Palo Alto, California 94301
(844) 995-8437
(Name, address, including zip code, and telephone number, including area code, of agent for service)
| Michael A. BrownRan D. Ben-TzurAri HaberChelsea AndersonFenwick & West LLP730 Arizona Avenue, 1st FloorSanta Monica, California 90401(310) 434-5400 | Lauren LinChief Legal OfficerWealthfront Corporation261 Hamilton AvenuePalo Alto, California 94301(844) 995-8437 | Richard A. KlineSarah B. AxtellLatham & Watkins LLP140 Scott DriveMenlo Park, California 94025(650) 328-4600 |
|---|
Approximate date of commencement of proposed sale to the public:
As soon as practicable after the effective date of this registration statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended, or Securities Act, check the following box:☐
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| Emerging growth company | ☒ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The information in this preliminary prospectus is not complete and may be changed. We and the selling stockholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we and the selling stockholders are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject to Completion. Dated , 2025.
Shares
Wealthfront Corporation
Common Stock
This is the initial public offering of shares of common stock of Wealthfront Corporation. We are offering shares of our common stock and the selling stockholders identified in this prospectus are offering shares of our common stock in this offering. We will not receive any proceeds from the sale of shares of our common stock by any of the selling stockholders.
Prior to this offering, there has been no public market for our common stock. It is currently estimated that the initial public offering price per share of our common stock will be between $ and $ . We have applied to list our common stock on The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “WLTH.” This offering is contingent upon final approval of our listing of our common stock on Nasdaq.
We are an “emerging growth company” as defined under the federal securities laws and, as such, we have elected to comply with certain reduced reporting requirements for this prospectus and may elect to do so in future filings.
See the section titled “Risk Factors” beginning on page 37 to read about factors you should consider before buying shares of our common stock.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.
| Per Share | Total | |
| Initial public offering price | $ | $ |
|---|---|---|
| Underwriting discounts and commissions(1) | $ | $ |
| Proceeds, before expenses, to Wealthfront Corporation | $ | $ |
| Proceeds, before expenses, to the selling stockholders | $ | $ |
(1)See the section titled “Underwriting” for additional information regarding compensation payable to the underwriters.
To the extent that the underwriters sell more than shares of common stock, the underwriters have the option for a period of 30 days from the date of this prospectus to purchase up to an additional shares of common stock from us at the initial public offering price less underwriting discounts and commissions.
The underwriters expect to deliver the shares of common stock against payment in New York, New York on , 2025.
| Goldman Sachs & Co. LLC | J.P. Morgan |
|---|
| Citigroup | Wells Fargo Securities | RBC Capital Markets |
|---|
| Citizens Capital Markets | Keefe, Bruyette & Woods A Stifel Company | KeyBanc Capital Markets |
|---|
Prospectus dated , 2025.
TABLE OF CONTENTS
| Page | |
|---|---|
| LETTER FROM DAVID FORTUNATO, CHIEF EXECUTIVE OFFICER | iii |
| SELECTED DEFINED TERMS | vi |
| PROSPECTUS SUMMARY | 1 |
| RISK FACTORS | 37 |
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | 92 |
| INDUSTRY AND MARKET DATA | 94 |
| USE OF PROCEEDS | 95 |
| DIVIDEND POLICY | 96 |
| CAPITALIZATION | 97 |
| DILUTION | 100 |
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 104 |
| BUSINESS | 142 |
| MANAGEMENT | 183 |
| EXECUTIVE COMPENSATION | 194 |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 210 |
| PRINCIPAL AND SELLING STOCKHOLDERS | 213 |
| DESCRIPTION OF CAPITAL STOCK | 216 |
| SHARES ELIGIBLE FOR FUTURE SALE | 223 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES FOR NON-U.S. HOLDERS OF OUR COMMON STOCK | 227 |
| UNDERWRITING | 232 |
| LEGAL MATTERS | 241 |
| EXPERTS | 241 |
| WHERE YOU CAN FIND ADDITIONAL INFORMATION | 241 |
| INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | F-1 |
Through and including , 2025 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer’s obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.
Neither we, the selling stockholders, nor the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses filed with the Securities and Exchange Commission. Neither we, the selling stockholders, nor any of the underwriters take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. We and the selling stockholders are offering to sell, and seeking offers to buy, shares of common stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the shares of common stock. Our business, operating results, financial condition, and future growth prospects may have changed since that date.
For investors outside the United States: Neither we, the selling stockholders, nor any of the underwriters have taken any action that would permit this offering or possession or distribution of this
i prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus.
Unless otherwise indicated, the terms “Wealthfront,” the “company,” “we,” “us,” and “our” refer to Wealthfront Corporation and our subsidiaries.
ii
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.