Public Markets

The IPO market showed signs of a sustained reopening in 2025, with total proceeds reaching approximately $44 billion despite ongoing geopolitical uncertainty and periods of volatility. For finance leaders, the year offered a clearer signal on what public markets are willing to support. Activity returned across sectors, but investor appetite remained selective, with an emphasis on predictable revenue, profitability pathways, and business models that can withstand shifting macro conditions...

Several companies have reconsidered their U.S. public listing plans in 2026 as market volatility and tighter investor scrutiny affect valuations. Analysts at Goldman Sachs said the number of initial public offerings could still rise to around 120 this year, but warned that a recent selloff in software stocks highlights the risks tied to aggressive pricing. Companies including Clear Street, Agibank, and Liftoff Mobile have either reduced deal sizes, delayed listings, or withdrawn offerings as they wait for calmer market conditions...

Clear Street has postponed its planned U.S. initial public offering, citing current market conditions. The New York-based brokerage had already reduced the size of its Nasdaq offering to $364 million from an earlier target of $1.05 billion. At the top of the revised range, the company would have secured a valuation of about $7.2 billion, down from its previous goal of $11.8 billion. The firm stated it intends to revisit the listing later. Market sentiment has weakened in recent weeks following sharp declines in software, IT, and financial stocks, with investor caution rising around AI-driven valuations and broader risk assets...

PayPay has formally filed paperwork for a U.S. initial public offering, marking a significant step toward its long-planned entry into public markets. Backed by SoftBank, the payments app resumed its IPO process after regulatory reviews were delayed by the longest-ever U.S. government shutdown, which pushed back an expected December 2025 listing. The filing positions PayPay to become the first SoftBank-majority investment to list in the U.S. since Arm Holdings' high-profile IPO in 2023. IPO preparations have been underway for several years, with SoftBank identifying PayPay’s flotation as a strategic objective as early as 2021, confirming active preparations earlier this year, and then filing a confidential New York filing...

Clear Street said it is seeking a valuation of up to $11.8 billion as it prepares for a U.S. initial public offering, signaling renewed strength in the equity capital markets. The New York-based securities and derivatives broker plans to raise as much as $1.05 billion by selling 23.8 million shares at an indicated price range of $40 to $44 each. Matt Kennedy, Senior ‍Strategist at Renaissance Capital, stated, “It's bold of them to move ahead after the past week's selloff”...

Liftoff Mobile, a mobile app marketing and monetization company backed by Blackstone and General Atlantic, has filed its initial S-1 registration statement, marking the first formal step toward a public listing. The filing comes as signs of renewed activity in the U.S. IPO market emerge, following reports that other technology firms are also considering public offerings. While Liftoff has not disclosed the size of its proposed offering or the details of its shareholder stakes, IPO research firm Renaissance Capital estimates the company may seek to raise around $400 million...

Cryptocurrency custodian BitGo priced its initial public offering at $18 per share and began trading on the New York Stock Exchange on January 22, 2026. The offering raised approximately $212.8 million and values the South Dakota–based company at more than $2.1 billion. BitGo sold a total of 11.8 million shares of Class A common stock, the majority of which were newly issued shares, with a smaller portion sold by existing shareholders. The company will not receive proceeds from shares sold by those stockholders...

Brazilian fintech PicPay has refiled for a U.S. initial public offering with the Securities and Exchange Commission, marking a renewed push to access U.S. capital markets after shelving earlier plans. The company initially filed confidentially in April 2021 but withdrew the application in June 2022 due to weakening market conditions. In its latest filing, PicPay said it intends to list on the Nasdaq under the ticker “PICS,” though it has not yet disclosed the number of shares to be offered or an expected price range...

Nasdaq expects a stronger year ahead for public listings, led by several large startups planning to access U.S. capital markets in the coming months. The exchange sees improving conditions for new offerings as companies and investors move past recent volatility linked to U.S. trade policy and economic uncertainty. In 2025, companies listed on Nasdaq raised about $46.65 billion, more than double the amount raised during the same period in 2024...

Global M&A staged a strong rebound in 2025, with total deal value reaching about $4.8 trillion, marking the second-highest level on record. This represents a 36% rise from 2024, even though the number of deals grew by only 5%, showing that growth came mainly from larger transactions. Megadeals valued at more than $5 billion accounted for most of the increase in strategic deal value, with many led by companies that had not been frequent acquirers in the past...