The IPOX® Update 3/7/2026

U.S.

SpaceX Adds Citigroup to Underwriter Lineup for Record $50 Billion IPO

SpaceX is preparing for a confidential IPO filing as soon as this month, targeting a record-breaking $50 billion offering at a valuation exceeding $1.75 trillion. The Elon Musk-led company has added Citigroup to its underwriter lineup, joining Bank of America, Goldman Sachs, and JPMorgan Chase. A potential dual-class share structure is being considered to ensure Musk retains voting control following the company's recent acquisition of xAI. (Source)

Roark Capital Weighs $2 Billion IPO for Dunkin' Owner Inspire Brands

Roark Capital is weighing a U.S. IPO for Inspire Brands that could raise approximately $2 billion and value the restaurant conglomerate at up to $20 billion. The offering for the owner of Dunkin' and other major chains could occur as early as this year or in 2025, depending on market conditions. If completed, this would mark one of the largest restaurant IPOs in over two decades. (Source 1), (Source 2)

Nvidia's $30 Billion OpenAI Investment May Be Its Last Before IPO

Nvidia CEO Jensen Huang indicated that the company's current $30 billion investment in OpenAI may be its last before the AI startup pursues an IPO. OpenAI is currently raising funds at a massive $730 billion pre-money valuation, effectively blocking a proposed $100 billion investment from Nvidia due to the impending public listing. Despite exploring its own proprietary chips, the OpenAI CEO has assured that their strategic partnership with Nvidia will continue. (Source)

Musk's xAI to Buy Back $3 Billion in Debt Ahead of Public Listing

In preparation for a broader public listing strategy, Elon Musk's xAI is set to buy back $3 billion of its outstanding debt. This financial restructuring follows the startup's recent acquisition by SpaceX and is part of a broader consolidation of Musk's businesses ahead of an anticipated IPO. Morgan Stanley is coordinating the early debt repayment for the roughly $17.5 billion tied to xAI and the X social network. (Source)

Compass Gas e Energia Files for Brazilian IPO

Compass Gas e Energia, a Brazilian natural gas distributor and subsidiary of Cosan, has officially filed for an IPO in Brazil. Supported by a syndicate of underwriters including BTG Pactual, Bank of America, and JPMorgan, the offering will consist entirely of existing shares. This move signals a potential revival for the Brazilian equity market, which has not seen a completed listing since September 2021. (Source)

Europe

Oaktree Selects Banks for £2.5 Billion Utmost Group London IPO

Oaktree Capital Management has selected Bank of America and JPMorgan to arrange a London IPO for the UK-based insurance wealth management provider Utmost Group Plc. The potential offering could value the firm, which managed £116.3 billion in assets at the end of last year, at approximately £2.5 billion ($3.3 billion). This listing would provide a significant and welcome boost to the London Stock Exchange as it recovers from a prolonged drought in new offerings. (Source)

Loveholidays Delays £1 Billion London IPO Amid Market Turmoil

The online travel agent Loveholidays is preparing to delay its anticipated London IPO due to ongoing market turbulence and travel disruptions linked to the Middle East conflict. Originally targeting an early March announcement and a valuation of up to £1 billion ($1.33 billion), the firm is now considering listing after the busy Easter holiday period. This postponement represents another setback for the London Stock Exchange's efforts to revive its sluggish IPO market. (Source 1), (Source 2)

German Defence Firm Vincorion Plans €350 Million Frankfurt IPO

German defence and mission-critical power specialist Vincorion is planning a Frankfurt IPO by mid-2026 to capitalize on growing investor appetite for defence technology. Coordinated by Berenberg, BNP Paribas, and JPMorgan, the offering of existing shares is expected to raise between €300 million and €350 million, valuing the company at up to €1.3 billion. Vincorion, which supplies components for Eurofighter Typhoons and Patriot systems, has already secured €105 million from cornerstone investors. (Source)

Asia-Pacific

Highlands Coffee Targets $400 Million Vietnam IPO in 2027

Highlands Coffee is planning a $350 million to $400 million IPO on the Hanoi exchange by the first quarter of 2027, underwritten by Morgan Stanley and UBS. As Vietnam's largest coffee chain with nearly 1,000 stores, the brand is majority-owned by SuperFoods Group, a subsidiary of the Philippine fast-food giant Jollibee Foods. This standalone listing is designed to provide direct capital market access and accelerate growth within Vietnam's rapidly expanding equity market. (Source)

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