The IPOX® Update 1/24/2026

U.S.

SpaceX Lines Up Four Wall Street Giants for Potential Blockbuster IPO

Elon Musk's SpaceX is accelerating preparations for a highly anticipated IPO, reportedly lining up Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley for senior roles. The listing would open one of the world's most valuable private companies to the public markets, capitalizing on its dominance in launch services and the rapid growth of Starlink. While final decisions on the syndicate are pending, the move signals a major step toward a massive liquidity event for the aerospace giant. (Source)

EquipmentShare Surges to $7.2 Billion Valuation in Nasdaq Debut

Construction technology firm EquipmentShare achieved a valuation of $7.2 billion following a strong debut on the Nasdaq. In coverage by Reuters, IPOX® Research Associate Lukas Muehlbauer analyzed the deal, highlighting the company’s "tech-driven growth potential against legacy competitors." Muehlbauer also noted the sensitivity of their expansion plans to the interest rate outlook as the company scales its T3 technology platform. (Source)

BitGo Debuts as First Major Crypto IPO of 2026 Amid Market Volatility

Crypto custodian BitGo began trading on the NYSE with an initial valuation of approximately $2.2 billion, though shares fell below the offer price by the second day. IPOX® Associate Lukas Muehlbauer commented that BitGo serves as a "key bellwether for the 2026 crypto IPO market," noting that its status as a "profitable, regulated infrastructure play" helps insulate it from daily Bitcoin price swings. The listing tests investor appetite for digital asset companies following a recent sector selloff. (Source 1) (Source 2)

Prime Brokerage Clear Street Files for $1 Billion Nasdaq IPO

Fintech prime broker Clear Street has filed for a Nasdaq IPO estimated to raise $1 billion, following a 160% revenue surge to $945 million over the last twelve months. The firm, led by former Cboe CEO Ed Tilly, has tapped Goldman Sachs, Bank of America, Morgan Stanley, and UBS to lead the offering. Proceeds will support its expansion into investment banking and digital assets as it scales its cloud-native clearing platform. (Source)

Jersey Mike’s Subs Interviews Banks for Potential 2026 IPO

Sandwich chain Jersey Mike’s Subs is holding a "bake-off" to select underwriters for a potential IPO that could launch as soon as this year. This follows the chain's acquisition by Blackstone last year for approximately $8 billion, with the private equity firm seeking to capitalize on a rebounding consumer IPO market. The company operates over 3,200 locations in North America and plans to expand into the UK and Ireland. (Source)

Mining Firm Ivanhoe Atlantic Pivots to U.S. Listing for $1.8 Billion Iron Ore Project

Ivanhoe Atlantic has shifted its listing plans from Australia to the U.S., citing support from the Trump administration for mining projects. Backed by billionaire Robert Friedland, the company is developing a high-grade iron ore project in Guinea and recently secured critical rail access through Liberia. The firm aims to begin shipping by 2027 and positions itself as a U.S.-friendly alternative to Chinese supply chains. (Source)

Benzinga Highlights IPOX® ETFs as U.S. IPO Market Heats Up

As the U.S. IPO market accelerates with over 20 new listings in January, Benzinga has identified IPOX®-linked ETFs as efficient tools for capturing this growth. The article highlights the First Trust U.S. Equity Opportunities ETF (FPX) and First Trust International Equity Opportunities ETF (FPXI) for their systematic exposure to new listings. These funds are noted for providing diversified access to the largest U.S. and international IPOs during their critical entry phases. (Source)

Europe

Defense Giant KNDS Selects Banks for €25 Billion Dual Listing

European tank maker KNDS has chosen banks to lead a blockbuster IPO that could value the defense firm at around €25 billion. The company plans a dual listing in Frankfurt and Paris to tap into robust investor demand for defense stocks amid geopolitical tensions. Deliberations on the size and timing are ongoing, with the potential for more banks to join the syndicate. (Source)

Crypto Wallet Maker Ledger Explorers $4 Billion U.S. IPO

French crypto hardware provider Ledger has engaged Goldman Sachs, Jefferies, and Barclays to explore a U.S. IPO that could value the company at over $4 billion. CEO Pascal Gauthier has cited New York's deep liquidity for crypto assets as a key driver for the potential listing. The move comes as revenue surges due to increased demand for secure self-custody solutions, despite recent scrutiny over security incidents. (Source)

Skincare Group L’Occitane Weighs Return to Public Markets via U.S. IPO

French skincare firm L’Occitane Groupe is considering an IPO in the U.S. as soon as this year, working with JPMorgan and Morgan Stanley. The company, which was previously listed in Hong Kong before being taken private, is targeting a listing to capitalize on strong American consumer demand. Deliberations are ongoing, and details regarding timing and valuation are subject to change. (Source)

Asia-Pacific

CK Hutchison Weighs $20 Billion Dual Listing for Telco Assets

Conglomerate CK Hutchison is exploring a spin-off of its global telecom assets via a dual listing in London and Hong Kong, potentially valuing the business at $20 billion. Goldman Sachs, Citigroup, and Deutsche Bank are reportedly involved in the planning. However, ongoing consolidation talks in Italy could influence the timing and final structure of the deal. (Source)

GDS-Backed DayOne Data Centers Targets $20 Billion Valuation in U.S. IPO

DayOne Data Centers is aiming for a valuation as high as $20 billion in a planned U.S. IPO that could occur as soon as this year. The company is currently hiring banks and considering a dual listing structure involving Singapore. This potential listing underscores the massive investor appetite for data center infrastructure driven by the global AI boom. (Source)

Muyuan Foods Tests Appetite for $1.5 Billion Hong Kong Listing

Major Chinese pig breeder Muyuan Foods is gauging investor interest for a secondary listing in Hong Kong that could raise up to $1.5 billion. Leading the potential deal are Morgan Stanley, Citic Securities, and Goldman Sachs, with a launch targeted as early as February. The company expects strong 2025 net income, positioning it to capitalize on the robust start to the year for Hong Kong listings. (Source)

Alibaba Shares Jump as T-Head Chip Unit IPO Emerges as Option

Shares of Alibaba Group rallied following reports that the company is preparing to list its chip-making unit, T-Head. While the IPO plans are in early stages, the unit's focus on AI and data center chips aligns with strategic national interests. The news drove Alibaba's Hong Kong stock to a three-month high, reflecting investor optimism about value unlocking. (Source)

Fosun Pharma to Spin Off Vaccine Unit Adgenvax in Hong Kong

Shanghai Fosun Pharmaceutical has approved the spin-off and separate listing of its vaccine subsidiary, Fosun Adgenvax, on the Hong Kong Stock Exchange. The announcement triggered a 3.1% rise in the parent company's shares, marking its largest daily gain in weeks. The listing remains subject to regulatory approvals from the CSRC and HKEX. (Source)

Ant-Backed Sunmi Plans $150 Million Hong Kong IPO

Shanghai Sunmi Technology, an IoT device maker backed by Ant Group, plans to launch a Hong Kong IPO raising approximately $150 million as soon as February. The company, which provides retail and delivery tech for clients like Meituan, has secured CSRC approval. Deutsche Bank, Citic Securities, and ABC International are sponsoring the deal. (Source)

AI Chip Startup FuriosaAI Preps for IPO with $300 Million Round

South Korean startup FuriosaAI is planning a Series D funding round of over $300 million to fuel development ahead of a potential IPO in 2027. The company claims its new AI chips offer superior efficiency compared to Nvidia's GPUs and is engaging global banks to broaden its investor base. This move follows the company's rejection of an $800 million acquisition offer from Meta Platforms. (Source)

Biotech Innovacell Sets Terms for $74 Million Tokyo Listing

Regenerative medicine developer Innovacell has set the terms for its Tokyo IPO, targeting a raise of ¥11.7 billion ($74 million). The company, which focuses on incontinence treatments, is scheduled to price its shares in mid-February with a listing date set for late February. Nomura and SBI are leading the offering, which includes a secondary sale by existing shareholders. (Source)

Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.