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. Formed in 2021 through the merger of Liftoff and Vungle, the company provides software that helps app developers acquire users and optimize performance across mobile platforms.
Blackstone acquired a majority stake in Liftoff at the time of the merger and appointed a new management team, shifting the company away from a founder-led structure. According to the filing, Blackstone will retain majority ownership after the IPO. The offering features three joint lead underwriters, Goldman Sachs, Jefferies, and Morgan Stanley, alongside a broad syndicate of additional banks. Liftoff reported full-year 2024 revenue of more than $519 million with a net loss of $48 million, and revenue of nearly $492 million for the first nine months of 2025. The company also disclosed $1.85 billion in outstanding debt, a key consideration for finance leaders evaluating the listing.
