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IPOX® in the News
IPOX® Research Associate Lukas Muehlbauer commented on Innio’s Nasdaq debut in Reuters coverage of the gas engine maker’s upsized $2.43 billion IPO. Muehlbauer said the market backdrop is supportive for companies building the physical backbone of AI, as investors reward businesses tied to data-center power demand. He noted Innio’s established GE heritage and said the company must show equipment order growth can continue and translate into long-term service revenue for data centers requiring reliable power and maintenance over time globally.
IPOX® VP Kat Liu commented on Quantinuum’s Nasdaq debut in Reuters coverage of the Honeywell-backed quantum computing company’s upsized IPO. Liu said the investment case centers on quantum computing’s long-term role in future infrastructure, supported by its strategic relevance to national security, AI, communications and advanced computing. She also noted Quantinuum’s Honeywell backing and expansion into software, cybersecurity and quantum networking, while cautioning that commercial adoption remains limited and investors remain focused on the sector’s long-term opportunity.
IPOX® VP Kat Liu provided Reuters with market analysis on Anthropic’s confidential U.S. IPO filing, noting that the company is moving to capitalize on strong investor demand for AI and growth stocks while the listing window remains favorable. Reuters reported that Anthropic’s potential IPO could become one of the most consequential market debuts in years, with implications for benchmark indexes, investor flows and how public markets value frontier AI companies alongside SpaceX and OpenAI during a pivotal global listing cycle.
IPOX® Associate Muehlbauer was quoted in Reuters coverage on Quantinuum’s upsized U.S. IPO, which targets a valuation of up to $14.3 billion amid strong investor interest in quantum computing. Muehlbauer said the larger offering suggests robust institutional demand and reflects Quantinuum’s appeal as a scarce strategic asset, while noting that the valuation requires years of successful execution.
Reuters reported that Blackstone-backed Liftoff Mobile is targeting a valuation of up to $3.66 billion in its renewed U.S. IPO, seeking to raise up to $418 million. IPOX® CEO Josef Schuster was quoted on the offering’s market significance, noting that a successful listing could pave the way for similar firms. Schuster also said bullish IPO sentiment may outweigh software valuation concerns tied to AI. Liftoff plans to list on Nasdaq under the ticker “LFTO,” with revised terms for public investors.
The IPOX® Update
Recent IPO activity is led by U.S. listings, with OpenAI preparing a high-profile AI offering and Innio targeting a valuation of up to $20.25 billion on Nasdaq. Entrata, Liftoff, Safepoint, WhiteHawk Minerals, DSC, and Doncasters are also testing investor demand across software, energy, aerospace, and China-linked issuers. In Asia-Pacific, Kunlunxin plans a $1 billion to $2 billion Hong Kong IPO, while Malaysia’s Big Caring seeks up to $750 million, underscoring continued global appetite for sizable new listings in 2026 markets.
Global IPO activity is accelerating across major regions, led by U.S. filings from SpaceX, OpenAI, Oura, Blockchain.com, SB Energy and ERock. Europe is seeing momentum through KNDS’s planned Frankfurt listing, Uzbekistan’s London IPO and Germany’s Uniper sale options, while Asia-Pacific activity includes Dien May Xanh in Vietnam and PCG Power in Hong Kong. Dangote’s planned refinery IPO adds MENA exposure. Themes include AI infrastructure, energy, defense, crypto, health technology and large-scale strategic listings amid renewed investor demand for IPOs worldwide.
U.S. IPO activity accelerated with major AI, infrastructure, energy and fintech listings, led by SpaceX’s planned $75 billion Nasdaq IPO, Cerebras’ $5.55 billion debut, and Blackstone Digital Infrastructure Trust’s $1.75 billion offering. Forbright, Quantinuum, WhiteHawk and Kraken also advanced IPO plans. In Europe, KNDS pressed ahead with a summer IPO while Germany weighed a stake. In Asia-Pacific, Baidu’s Kunlunxin, Cyan Renewables and KK Mart pursued Hong Kong, Singapore-related and Bursa Malaysia listing options, reflecting renewed global investor appetite for issuance.