The IPOX® Update 3/14/2026

U.S.

SpaceX Considers Megacap Nasdaq IPO Targeting $1.75 Trillion Valuation

SpaceX, the rocket and satellite manufacturer founded by Elon Musk, is currently considering a Nasdaq IPO that could value the company at a staggering $1.75 trillion. The highly anticipated listing could occur as early as June 2026, contingent upon the company securing early inclusion in the prestigious Nasdaq 100 index. To facilitate this unprecedented move, Nasdaq has proposed a new 'Fast Entry' rule designed to accelerate index inclusion specifically for megacap IPOs. (Source)

PayPay Debuts on Nasdaq with $12.1 Billion Valuation Amid Favorable Market

Japanese digital payment giant PayPay, backed by SoftBank, successfully debuted on the Nasdaq with an IPO valuing the firm at up to $12.1 billion. Weighing in on the milestone, IPOX® CEO Josef Schuster noted the company's unique opportunity to fill a market void despite structural concerns, while IPOX® Research Associate Lukas Muehlbauer highlighted that the app's domestic dominance insulates it from broader macroeconomic worries. The offering successfully raised $880 million, underscoring strong investor appetite in what analysts are calling a highly favorable buyers' market. (Source 1) (Source 2)

Pershing Square USA Files for Massive $5-10 Billion Closed-End Fund IPO

Billionaire Bill Ackman has filed for a massive U.S. IPO for his new Pershing Square USA fund, aiming to raise between $5 billion and $10 billion. The closed-end fund will mimic his existing Pershing Square hedge fund by investing in undervalued North American-listed companies without charging traditional performance fees to appeal to retail investors. Despite potential headwinds from global market volatility, the firm has already secured $2.8 billion in institutional commitments and will offer share sweeteners to early participants. (Source)

Madison Air Solutions Corp. Seeks $2 Billion in New York Stock Exchange IPO

Madison Air Solutions Corp., a ventilation and filtration systems provider backed by Madison Industries, filed for a New York Stock Exchange IPO seeking to raise at least $2 billion. The Chicago-based company reported a net income of $124 million on $3.34 billion in revenue for 2025, with two-thirds of its sales originating from its robust commercial segment. The offering will be spearheaded by major financial institutions including Goldman Sachs Group Inc., Barclays Plc, Jefferies Financial Group Inc., and Wells Fargo & Co. (Source)

Cerebras Systems Inc. Taps Morgan Stanley for $2 Billion April IPO

Artificial intelligence chipmaker Cerebras Systems Inc. has selected Morgan Stanley to lead its renewed attempt at a public market debut, aiming for an IPO as soon as April 2026. The offering is expected to raise approximately $2 billion as the hardware firm seeks fresh capital to challenge the industry dominance of Nvidia Corp. in the rapidly expanding AI infrastructure space. Company executives have already filed updated paperwork and are actively scheduling meetings with analysts and prospective investors this month. (Source)

AI Startup Anthropic Reportedly Eyeing Public Market Debut by 2027

Leading artificial intelligence startup Anthropic, widely recognized for its popular Claude chatbot, is reportedly exploring plans to launch an IPO within the next year. While specific details regarding the offering size, valuation, and underwriting banks remain undisclosed, the timing suggests a potential public market debut by March 2027. This anticipated move highlights the continued investor enthusiasm for pure-play AI companies seeking to capitalize on surging market demand. (Source)

Nscale in Talks to Acquire Major U.S. Data Center Ahead of Fall IPO

Artificial intelligence cloud provider Nscale is currently in advanced discussions to acquire a major U.S. data center facility from American Intelligence & Power ahead of a planned fall 2026 IPO. The strategic acquisition would include all associated permits and power agreements, bolstering the company's infrastructure as it prepares for its public market debut. Details regarding the anticipated valuation or the underwriters managing the potential listing have not yet been disclosed. (Source)

Brazil's BRK Ambiental Considers Delaying $700 Million IPO Due to Market Volatility

BRK Ambiental Participações, Brazil's largest private water and sewage utility, is considering delaying its planned B3 exchange IPO due to ongoing market volatility and valuation concerns. The company initially targeted raising approximately 4 billion reais, equivalent to roughly $700 million, in what was expected to be a highly anticipated public offering. Despite the potential delay, the utility, which serves over 16 million people, stated that its preparations remain unchanged and it continues active discussions with underwriters including Itaú BBA, Bank of America, and JPMorgan. (Source)

Europe

AI Voice Unicorn ElevenLabs Prepares for Potential Dual Listing IPO Within Three Years

Voice artificial intelligence startup ElevenLabs plans to be ready for an IPO in two to three years, potentially making it one of the first European-founded AI unicorns to go public. The company recently achieved an $11 billion valuation after raising $500 million from top-tier investors including Sequoia Capital, Andreessen Horowitz, and Iconiq. Leadership is actively considering a dual listing approach, eyeing the Warsaw Stock Exchange alongside potential debuts in New York or London. (Source)

Belgian Government Weighs €10 Billion IPO for State-Owned Bank Belfius

The Belgian government is exploring strategic options, including a potential IPO, for state-owned bank Belfius to help fund increased national defense spending. Buyout group CVC is reportedly considering acquiring a significant stake in the financial institution ahead of the public listing, which could value the bank at around €10 billion based on its 2025 profit metrics. Financial advisory firm Lazard has been tapped to guide the government as it aims to sell a 20% to 30% stake to meet its NATO spending commitments by 2029. (Source)

Firearms Maker Colt CZ Targets Amsterdam Dual Listing and Capital Increase

Czech firearms manufacturer Colt CZ is targeting a dual listing on the Euronext Amsterdam exchange accompanied by a capital increase in the first half of 2026. The arms maker, currently boasting a $2.4 billion market capitalization, intends to utilize the IPO proceeds for research and development, facility modernization, debt reduction, and future acquisitions. The company has demonstrated a robust 34.6% compound annual growth rate in revenue since its initial 2020 listing, significantly aided by its strategic acquisition of the historic Colt brand. (Source 1) (Source 2)

Defense Supplier Vincorion Prices Frankfurt IPO at €850 Million Valuation

Defense and aviation supplier Vincorion has priced its upcoming Frankfurt Stock Exchange IPO at €17.00 per share, establishing an implied market capitalization of €850 million. Majority owner Star Capital is offering up to 20.3 million shares in a deal sized at approximately €345 million, with cornerstone investors like Fidelity International, Invesco, and T. Rowe Price securing €105 million in guaranteed allocations. The subscription period begins in mid-March, with all proceeds flowing to the seller subject to a standard 180-day lock-up agreement. (Source)

Swedish Hypercar Manufacturer Koenigsegg Automotive AB Lays Groundwork for IPO

Swedish hypercar manufacturer Koenigsegg Automotive AB is actively laying the groundwork for an IPO by converting into a public limited company and securing its first institutional investor. The exclusive automaker has strategically hired veterans from the Volvo Car AB public offering to bolster its internal team's capital markets expertise. While no specific timeline or valuation has been disclosed, the company hopes a public listing will provide employees with equity opportunities and diversify its future funding sources. (Source)

Asia-Pacific

Logistics Giant GLP Targets $20 Billion Valuation in Planned Hong Kong IPO Return

Global logistics real estate investor GLP is plotting a return to the public markets with a planned Hong Kong IPO targeting a substantial $20 billion valuation. The massive offering, which marks the company's first public stint since its 2017 privatization, is tentatively scheduled for 2026 or later. The firm, which manages over $80 billion in assets, has reportedly enlisted Citi and Morgan Stanley to serve as primary advisers for the highly anticipated share sale. (Source)

AI Biotech Startup Earendil Labs Explores $500 Million Hong Kong IPO

AI-driven biotechnology startup Earendil Labs, an affiliate of Helixon Therapeutics, is actively considering a Hong Kong IPO to raise up to $500 million. The Delaware-based company, which leverages generative protein engineering for drug discovery and partners with giants like Sanofi SA, Wuxi XDC Cayman Inc., and Wuxi Biologics Cayman Inc., is working alongside China International Capital Corp. and Morgan Stanley on the potential share sale. A successful listing would follow the precedent set by Insilico Medicine, another AI biotech firm that saw its shares soar 130% after a massive Hong Kong debut. (Source)

Optical Chip Maker Lightelligence Evaluates $400 Million Hong Kong Listing

High-performance optical chip developer Lightelligence is currently evaluating a Hong Kong IPO that could raise between $300 million and $400 million as early as 2026. The innovative hardware company recently launched its LightSphere X optical interconnection solution and successfully secured 1.5 billion yuan in a private funding round backed by industry heavyweights China Mobile and Tencent. The impending listing highlights the growing capital market momentum for next-generation computing technologies leveraging light-based processing. (Source)

Hong Kong Stock Exchange Proposes Rule Easing to Boost Global IPO Competitiveness

The Hong Kong Stock Exchange (HKEX) has officially published a consultation paper seeking market feedback on new proposals designed to significantly boost its global listing competitiveness. The regulatory initiative aims to optimize weighted voting rights (WVR) requirements and streamline the pathway for overseas issuers while firmly maintaining existing investor protection standards. This strategic push is largely interpreted as a move to position Hong Kong as an attractive alternative venue for U.S.-listed Chinese firms vulnerable to ongoing geopolitical tensions. (Source)

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