The IPOX® Update 1/31/2026
U.S.
SpaceX Weighs $1.5 Trillion Valuation and xAI Merger Ahead of Potential IPO
SpaceX is reportedly considering a blockbuster IPO in mid-2026 that could raise $50 billion at a staggering $1.5 trillion valuation, potentially doubling previous private market estimates. In a move to consolidate Elon Musk’s empire, the aerospace giant is also in talks to merge with his artificial intelligence startup, xAI, creating a powerhouse uniting rockets, satellite internet, and AI infrastructure. The proposed combination would allow SpaceX to leverage its massive valuation to fund xAI's capital-intensive data center ambitions while competing against tech giants like Google and Meta. (Source 1) (Source 2)
Forgent Power Targets $8.8 Billion Valuation as AI Infrastructure Play
Electrical equipment manufacturer Forgent Power Solutions has outlined plans for a U.S. IPO targeting an $8.83 billion valuation, positioning itself as a key supplier for data centers. IPOX® Associate Lukas Muehlbauer noted that with 42% of revenue tied to AI data centers, the firm offers a "direct play" on the sector, though he cautioned that "investors must decide if its high revenue growth justifies the higher price despite thinner profit margins." The company aims to raise approximately $1.62 billion, testing the market's appetite for infrastructure support stocks. (Source 1) (Source 2)
York Space Systems Debuts with $4.75 Billion Valuation on Pentagon Bets
Satellite manufacturer York Space Systems successfully debuted on the NYSE, securing a $4.75 billion valuation driven by confidence in sustained defense spending. IPOX® Associate Lukas Muehlbauer commented that "the listing suggests that the market is open for new defense and space stocks in 2026," while noting that future stock volatility will likely hinge on government spending news until software revenue streams grow. The upsized deal raised $629 million, reinforcing the sector's shift toward national security priorities. (Source)
Thoma Bravo’s Anaplan Prepares Confidential IPO Filing
Software maker Anaplan is preparing to confidentially file for an IPO just four years after being taken private by Thoma Bravo for $10.4 billion. The move signals a potential return to the public markets for the planning software provider, following similar explorations by the private equity firm for other portfolio companies. While valuation targets remain undisclosed, the filing adds to a growing pipeline of enterprise software listings. (Source)
Bob's Discount Furniture Launches Roadshow Targeting $2.5 Billion Valuation
Bob's Discount Furniture, backed by Bain Capital, has launched its roadshow for a U.S. IPO seeking to raise $370 million. IPOX® Vice President Kat Liu analyzed the retailer's risk profile, stating that "investors are likely to see tariff risk as largely mitigated following its exit from China sourcing." The company will list on the NYSE under the ticker "BOBS," serving as a bellwether for consumer-focused listings in 2026. (Source)
Merck Veteran-Led Eikon Therapeutics Targets $908 Million IPO
Biotech firm Eikon Therapeutics is targeting a $908 million valuation in its upcoming IPO, capitalizing on a thawing sector. IPOX® Research Associate Lukas Muehlbauer highlighted that "the biggest draw may be CEO Roger Perlmutter," known for his success with Keytruda, and the firm's drug discovery platform based on Nobel Prize-winning tech. The company aims to differentiate itself in the oncology space by using biomarker-guided dosing to reduce toxicity risks. (Source)
Jennifer Garner-Backed Snack Firm Tests 'Hollywood Curse' with IPO
Kids' nutrition brand Once Upon a Farm, co-founded by actress Jennifer Garner, is preparing for an IPO, raising questions about the viability of celebrity-backed listings. IPOX® CEO Josef Schuster warned that "there’s an eight out of 11 chance that you will lose your money in a celebrity IPO," advising investors to focus on the management team's resume rather than star power. The company hopes to defy historical trends by relying on the operational expertise of CEO John Foraker. (Source)
Europe
Spanish Renewables Firm Ignis Hires Citi for Potential €1.2 Billion IPO
Spanish energy company Ignis has hired Citigroup to explore an IPO that could value the firm between €1 billion and €1.2 billion. The company is considering a dual-track process that could involve a partial stock market float in Madrid or a sale to private funds. The move comes as European renewable energy firms seek capital to fund expansion pipelines. (Source)
Travel Agent Loveholidays Prepares for £1 Billion Listing
UK online travel agent Loveholidays is working with Rothschild to coordinate plans for an IPO that could launch as soon as March. The company, owned by Livingbridge, has seen profits rise by a fifth to £67.6 million, benefiting from a post-pandemic surge in travel demand. A successful listing would mark a significant exit for the private equity firm in the London market. (Source)
Asia-Pacific
JD.com’s Infrastructure Arm Files for Second Hong Kong IPO Attempt
Jingdong Property, the logistics infrastructure arm of JD.com, has filed for a Hong Kong IPO, reviving plans after a previous attempt lapsed. Managing over 121 billion yuan in assets, the company reported a sharp reduction in net losses and a 21% revenue increase in the first three quarters of 2025. The listing is sponsored by BofA Securities, Goldman Sachs, and Haitong International. (Source)
LS Corp Withdraws $347 Million IPO for Essex Solutions Citing Governance Concerns
South Korean conglomerate LS Corp has withdrawn the IPO application for its affiliate Essex Solutions following criticism that the "duplicate listing" would dilute shareholder value. The decision to pull the $347 million deal came shortly after political scrutiny regarding corporate governance practices in Korea. The company stated it would review alternative options to protect shareholder trust. (Source)
Jollibee Faces Skepticism Over U.S. Spin-Off Strategy
Fast-food giant Jollibee Foods is planning to spin off its unprofitable international unit for a U.S. listing in late 2027, a move critics say may be "biting off more than it can chew." The international arm, which includes brands like Smashburger, has lower margins compared to its dominant domestic operations in the Philippines. Despite the strategic risks, shares have risen 16% since the announcement. (Source)
IP Data Provider PatSnap Considers Dual Listing in Hong Kong and Singapore
Singapore-based intellectual property analytics firm PatSnap is weighing a dual listing that could raise up to $400 million. Backed by Tencent and SoftBank, the company provides data services to major clients like Spotify and Xiaomi. The potential deal highlights growing cross-border cooperation between the Hong Kong and Singapore exchanges. (Source)
Americas
Canada’s IPO Market Signals Revival with Strong 2026 Pipeline
The Canadian IPO market is set for a revival following Rockpoint Gas Storage's successful C$704 million listing, which has gained 25% post-debut. With the strongest pipeline since 2021 across tech and resources, the market activity signals growing confidence in the country's economic stability. JP Morgan's involvement in recent deals is viewed as a positive precedent for future issuance. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
