Liquid Death's founder, Mike Cessario, wanted to make drinking water cool. He and his partners had an idea to create an edgy water brand that would get more people to drink healthier beverages more often. They also wanted to help curb plastic pollution by putting water in cans instead of plastic bottles.
What they thought would be a niche concept has become a global brand. The company has grown its sales to more than $333 million annually in a few short years. It expects that number to continue growing briskly as more people learn about its growing product line, which includes more than canned water.
Liquid Death's growing popularity has many people eagerly anticipating its initial public offering (IPO). Here's a look at what you need to know about Liquid Death and how to potentially buy its stock ahead of its IPO.
IPO
Is Liquid Death publicly traded?
Liquid Death wasn't a publicly traded company as of mid-2025. The privately held company's investors include several venture capital funds, Live Nation Entertainment (LYV -0.94%), and its founder and CEO, Mike Cessario (who reportedly owns a 10% stake). In addition, Liquid Death has celebrity investors, including Swedish House Mafia, Machine Gun Kelly, Tony Hawk, and Whitney Cummings. It raised an additional $67 million in capital at a $1.4 billion valuation in early 2024 from strategic partners and new investors, including top national distributors and celebrities in the entertainment and sports worlds.
When will Liquid Death IPO?
As of mid-2025, Liquid Death didn't have an IPO date on the calendar. However, it had previously hired Wall Street investment bank Goldman Sachs (GS +1.65%) to handle its IPO. The company's CEO said in an interview with Bloomberg in early 2024 that it was considering an IPO.
Is Liquid Death profitable?
As a private company, Liquid Death doesn't need to publicly disclose its financial results, so there wasn't a lot of publicly available information about its profitability as of mid-2025.
According to a post on TapTwice Digital, the company generated $333 million in revenue in 2024. Its sales have risen from $263 million in 2023 to $110 million in 2022.
However, while Liquid Death is rapidly growing its sales, there's no public information about whether it's profitable yet.
Becoming profitable and growing its earnings will be important to the company's future. It will enable Liquid Death to retain earnings to fund its growth instead of relying on outside investors. Investing those retained earnings to expand should help increase the company's value for shareholders.
Should I invest in Liquid Death?
Because Liquid Death isn't yet public, most people can't invest in the company. That gives interested investors some time to do their research.
You shouldn't skip the research step. It will hopefully make you even more excited to buy shares. However, you might find something that changes your opinion about the company or its future prospects.
To help get your research started, here are some reasons why you might want to invest in Liquid Death's IPO:
- You're a big fan of Liquid Death's products.
- You like the company's mission of getting more people to drink healthier beverages and eliminate plastic pollution.
- You believe it can continue growing sales rapidly.
- You think it will become a very profitable company in the future.
- You're comfortable with the company's valuation, which was more than four times sales based on its pre-IPO value of $1.4 billion in mid-2025.
- You like to invest in founder-led companies.
- You want to add a water stock to your portfolio.
On the other hand, here are some reasons why you might choose not to invest in Liquid Death's IPO:
- You're not a fan of Liquid Death's products or haven't tried them.
- You're concerned the company might be a fad and not deliver sustainable growth.
- You're not sure the company will be able to grow into its lofty pre-IPO valuation.
- You think that it could struggle as it gets bigger and faces more competition from the larger players in the water space.
ETFs with exposure to Liquid Death
Because Liquid Death is still a private company, you can't passively invest in its stock through an exchange-traded fund (ETF) yet.
Exchange-Traded Fund (ETF)
However, people interested in investing in the food and beverage sector have a couple of food ETF options to consider, including:
- First Trust Nasdaq Food & Beverage ETF (FTXG +1.61%): The ETF gives investors exposure to companies in the food and beverage industry. It aims to hold 30 to 50 stocks. It held 30 in mid-2025, including Coca-Cola and PepsiCo in its top three holdings. The fund has a 0.6% ETF expense ratio.
- Invesco Food & Beverage ETF (PBJ +0.94%): The ETF invests in companies that manufacture, sell, and distribute food and beverage products, agricultural products, and products related to developing new food technologies. The fund held 31 stocks in mid-2025. The ETF has a 0.62% total expense ratio.
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The bottom line on Liquid Death
Liquid Death is quickly becoming one of the most popular water brands. Its sales are growing briskly, and it's working towards becoming profitable. This combination has investors thirsting for its IPO. If it can deliver on its promise of profitability, its stock could be a winning IPO.
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