The IPOX® Update 4/10/2026

U.S.

SpaceX Files Confidentially for IPO, Revealing $5 Billion Loss in 2025

Following recent valuation rumors, SpaceX has officially filed confidentially for its mega-IPO, revealing a nearly $5 billion loss in 2025 on over $18.5 billion in revenue, heavily impacted by its xAI acquisition. The aerospace giant plans to utilize the massive capital influx to develop ambitious new infrastructure, including solar-powered orbital AI data centers. Providing expert insight on the offering's structure, IPOX® CEO Josef Schuster advised investors to take a "wait-and-see" approach, cautioning that the U.S. remains a strict buyer's market and a low public float could drive significant early trading volatility. (Source 1) (Source 2) (Source 3) (Source 4)

OpenAI Targets Q4 Listing Following $122 Billion Mega-Fundraise

OpenAI is targeting an initial public offering as early as the fourth quarter of 2026 following a massive $122 billion funding round that valued the AI giant at $852 billion. The recent financing, backed by heavyweights like Amazon.com Inc., Nvidia Corp., and SoftBank Group Corp., is meant to support a massive $1.4 trillion physical infrastructure roadmap. However, internal debates are emerging as the company's CFO flagged potential financial risks, questioning whether the projected revenue growth can truly support the planned $600 billion server expenditure. (Source 1) (Source 2)

Drone Maker AEVEX Pursues $336 Million U.S. Listing

Defense technology contractor AEVEX is aiming to raise up to $336 million in an upcoming U.S. initial public offering that could value the drone manufacturer at $2.35 billion. The listing highlights the critical role of modern unmanned systems amid ongoing geopolitical conflicts in Ukraine and the Middle East. Highlighting the robust demand for defense stocks, IPOX® Associate Lukas Muehlbauer noted that rising global military spending has created a new defense 'supercycle,' driving thematic investor interest in the rapidly expanding global drone sector. (Source 1) (Source 2)

HMH Holding Valued at $815 Million Following Nasdaq Debut

Oil and gas equipment provider HMH Holding, a joint venture between Baker Hughes and Akastor, achieved an $815 million valuation after raising $210.4 million in its Nasdaq debut. Despite the successful capital raise, the company's shares fell 5.5% on their first day of trading amidst fragile market sentiment. Analyzing the strategic timing, IPOX® Research Associate Lukas Muehlbauer stated: "Listing right now could help because investors are paying closer attention to energy-linked names, but it also carries a risk because the Middle East conflict has made markets more volatile and can make new listings harder to price." (Source)

US Elemental to Go Public via $573 Million SPAC Deal

Lithium developer US Elemental is preparing to list its shares on the Nasdaq exchange through a special purpose acquisition company. The blank-check merger agreement is expected to value the raw materials firm at approximately $573 million. This strategic move aims to provide the company with the necessary capital to scale its operations in the rapidly growing battery metals market. (Source)

National Healthcare Properties Files for Public Listing Amid REIT Resurgence

National Healthcare Properties has officially filed for a U.S. IPO, adding to the growing list of real estate investment trusts seeking public capital this year. The offering underscores a shift toward defensive sectors as investors look for stability amid market volatility and tech-driven disruptions. Commenting on this trend, IPOX® CEO Josef Schuster noted that the IPO window remains wide open for insulated U.S. firms, highlighting healthcare REITs as a bright spot offering attractive dividend yields and strong recent performance. (Source)

HawkEye 360 Files for U.S. IPO on the Heels of 74% Revenue Jump

Geospatial analytics firm HawkEye 360 has filed for a U.S. IPO to manage debt from its acquisition of Innovative Signal Analysis and capitalize on a 74% jump in revenue. The space technology sector is experiencing significant momentum, though smaller issuers must strategically navigate market windows to avoid being overshadowed by mega-cap debuts. Observing these dynamics, IPOX® Associate Lukas Muehlbauer noted that HawkEye 360 is entering the public market during a favorable issuance window, leveraging its transition to profitability to attract disciplined investors. (Source)

Europe

TK Elevator Weighs €25 Billion IPO or Sale to Kone Oyj

TK Elevator is currently exploring strategic options, including a potential initial public offering that could value the business at up to €25 billion including debt. Concurrently, the firm is engaging in acquisition discussions with industry rival Kone Oyj, which is aiming to secure a deal in the coming weeks. A successful transaction or public listing would massively reshape the competitive landscape of the global elevator market. (Source)

Terra Quantum AG Secures $3.25 Billion Blank-Check Merger

Swiss technology firm Terra Quantum AG has announced plans to go public on the Nasdaq through a merger with Mountain Lake Acquisition Corp. II. The non-binding blank-check deal is expected to value the European quantum computing company at approximately $3.25 billion. If finalized, the transaction will provide significant capital to accelerate the development and commercialization of its advanced computing solutions. (Source)

Rex Concepts Seeks $154 Million Warsaw Float for CEE Expansion

Restaurant operator Rex Concepts is seeking to raise $154 million through an initial public offering in Warsaw to fund its expansion across the Central and Eastern European region. The company, which manages Burger King and Popeyes franchises in Poland, the Czech Republic, and Romania, reported 2025 revenues of Z594.6 million. Supported by joint coordinators Wood and Bank Pekao, the firm plans to drastically scale its footprint from 70 planned openings in 2026 to 850 locations by 2032. (Source)

Sticker Giant Panini Explores Strategic Options Including IPO

Italian collectible sticker manufacturer Panini has engaged Citigroup to explore a range of strategic alternatives, including a potential initial public offering. The iconic company expects to conclude its strategic analysis by the end of 2026, explicitly ruling out a sale to direct competitors. After fielding interest from numerous potential buyers, shareholders will decide by year-end whether to pursue a public listing, maintain current ownership, or partner with a non-competitive investor. (Source)

European Listings Face Pricing Pressure as Lock-Up Periods Expire

Recent European IPOs are facing significant pressure as their lock-up periods expire, with many 2025 listings currently trading well below their original offer prices. This dynamic forces executives to navigate a thawing equity market while deciding whether to execute strategic follow-on sales at discounted valuations. Providing insight into this complex balancing act, IPOX® Associate Lukas Muehlbauer noted that while selling at a discount can "lock in a disappointing valuation," strategic follow-on sales may ultimately benefit companies by improving liquidity and reducing market overhang. (Source)

Asia-Pacific

Seven & i Holdings Delays 7-Eleven Spin-Off Listing to 2027

Japanese retail giant Seven & i Holdings has delayed the highly anticipated spin-off and IPO of its North American 7-Eleven operations until at least the fiscal year starting April 2027. The postponement, driven by heightened market uncertainty and sluggish operational turnarounds, caused shares to tumble 4.6% as investor disappointment set in. The delayed listing was originally intended to help fund a massive 2 trillion yen share buyback program, which was implemented following the withdrawal of a $46 billion buyout offer from Alimentation Couche-Tard. (Source)

Uzbekistan's National Investment Fund Plans Dual London and Tashkent IPOs

Uzbekistan's state-backed National Investment Fund has announced plans to execute dual initial public offerings on the London and Tashkent stock exchanges. The sovereign investment vehicle currently holds minority stakes in 13 state-owned enterprises and boasts an estimated valuation of $2.4 billion. This strategic listing aims to attract foreign capital and increase the transparency of the nation's transitioning economy. (Source)

Goldman-Backed Go Inc. Targets $500 Million Japan Float

Japanese taxi application Go Inc. is actively planning an initial public offering this year that could raise between 50 billion and 80 billion yen. The mobility firm is collaborating with major underwriters, including Bank of America Corp., Goldman Sachs Group Inc., and Nomura Holdings Inc., to orchestrate the domestic listing. A successful debut by the Goldman-backed startup could provide a much-needed tailwind for Japan's slowing IPO market, which recently recorded its weakest first quarter since 2022. (Source)

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