The IPOX® Update 5/2/2026

U.S.

SpaceX Targets 2026 IPO as Musk Pay Plan Ties Awards to $7.5 Trillion Valuation Goal

SpaceX is reportedly targeting an IPO around June 28, 2026, while its board has approved an Elon Musk compensation plan tied to ambitious milestones including Mars colonization and space-based data centers. Musk could earn 200 million shares if SpaceX reaches a $7.5 trillion valuation and establishes a Mars colony with 1 million people. The plan also includes awards linked to operating space data centers with 100 terawatts of capacity, highlighting the scale of SpaceX’s long-term public-market narrative. (Source)

SoftBank Plans U.S. IPO for Roze AI at Up to $100 Billion Valuation

SoftBank is preparing Roze AI, a new AI and robotics venture, for a potential U.S. IPO in the second half of 2026 at a valuation of up to $100 billion. The venture is expected to focus on AI infrastructure, including autonomous robotics for data center construction, and may combine SoftBank’s existing energy, land and infrastructure assets. KPMG has reportedly been hired to prepare financials, with an analyst day planned for July as SoftBank builds investor visibility ahead of the listing. (Source)

Repsol Delays U.S. Listing Plans for $19 Billion Upstream Unit

Repsol CEO Josu Jon Imaz said the company is in no rush to pursue an IPO or reverse merger for its upstream unit in the U.S. The business was valued at $19 billion in a 2022 transaction with EIG, and a planned liquidity event for 2026 has been pushed back due to market conditions. The unit includes assets in the U.S., Brazil, Mexico, Libya and Venezuela, including a major Alaska project, while both Repsol and EIG remain aligned on waiting for better timing. (Source)

Tenneco Prepares U.S. IPO That Could Value Auto Supplier at About $14 Billion

Tenneco Inc., the Apollo Global Management-backed auto supplier, is preparing for a potential U.S. IPO that could value the company at about $14 billion. The company has reportedly contacted the SEC and banks to begin work on a prospectus for a possible listing later in 2026. Tenneco is exploring strategic options, with an IPO currently viewed as the leading route for Apollo to monetize the business. (Source)

SK Hynix Eyes U.S. Listing to Raise More Than $10 Billion for AI Chip Expansion

SK Hynix is preparing a U.S. listing as early as July, targeting proceeds of more than $10 billion. The South Korean memory chipmaker confidentially filed with the SEC in March for a second-half listing, with Bank of America, Citigroup, Goldman Sachs and JP Morgan named among the underwriters. Proceeds are expected to support AI chip production as demand for high-bandwidth memory continues to drive investor interest. (Source)

Pershing Square USA Raises $5 Billion in NYSE IPO Before Volatile Debut

Pershing Square USA, Bill Ackman’s new U.S.-listed closed-end fund, raised $5 billion in its NYSE IPO before experiencing a sharp post-listing share price drop that Ackman attributed to retail traders. Ackman said he expects the stock price to rebound, while he and Pershing Square employees invested hundreds of millions of dollars in the fund alongside other investors including Marc Lasry and Mark Zuckerberg’s family office. IPOX® Research Associate Lukas Muehlbauer was quoted by Reuters on the offering structure, noting that shares of the managing company may have helped support demand beyond the fund alone. (Source 1) (Source 2)

Rare Earths Americas Launches NYSE American IPO at Up to $368.4 Million Valuation

Rare Earths Americas is seeking a valuation of up to $368.4 million in its U.S. IPO, offering about 2.8 million shares at $17 to $19 each to raise approximately $52.8 million. The exploration-stage company is developing critical minerals projects focused on high-grade heavy rare earth assets used in electric vehicles, technology and defense applications. Shares are expected to trade on NYSE American under the ticker REA, with Cantor and Stifel serving as lead underwriters. (Source 1) (Source 2)

L3Harris Confidentially Files for IPO of Missile Solutions Business

L3Harris Technologies Inc. has confidentially submitted a draft registration statement for a proposed IPO of its Missile Solutions business. The company has not yet disclosed the number of shares, price range, valuation, timing or underwriters for the proposed transaction. The confidential submission follows standard SEC procedures and allows the company to pursue private regulatory review before any public filing. (Source)

Lincoln International Files for NYSE IPO After Reporting Higher 2025 Income

Lincoln International Inc., a Chicago-based mid-market investment bank, has filed for a U.S. IPO on the New York Stock Exchange. Goldman Sachs and Morgan Stanley are listed as underwriters for the offering. The firm reported 2025 net income of $214.1 million on revenue of $783.8 million, up from net income of $163.6 million on revenue of $578.7 million a year earlier, supported by its investment banking advisory and valuations businesses. (Source)

OpenAI IPO Outlook Faces Valuation and Legal Overhangs

OpenAI may face IPO valuation pressure due to missed revenue targets, slowing user growth and competition from rival models including Gemini and Grok. The company also faces a high-profile lawsuit from Elon Musk, who alleges that OpenAI departed from its nonprofit mission by moving toward a profit-seeking structure. The litigation and questions around revenue execution, user growth and financing commitments could affect public-market perception and potentially delay IPO timing. (Source 1) (Source 2)

Prysmian Keeps U.S. Dual Listing on Hold, Sees M&A Tie-Up as Best Route

Prysmian CEO Massimo Battaini said the Italian cable maker’s U.S. dual listing plan remains on hold, with a potential M&A transaction viewed as the ideal opportunity to combine with a U.S. market move. The comments came during the company’s first-quarter results call, where management also signaled confidence that 2026 adjusted core profit could exceed the midpoint of guidance. Prysmian continues to benefit from data center demand, though near-term foreign exchange effects weighed on first-quarter core profit. (Source 1) (Source 2)

DSC Holdings Wins Rare CSRC Approval for Nasdaq Listing

DSC Holdings, a Chinese software maker serving used car dealers, has received approval for a Nasdaq listing from the China Securities Regulatory Commission. The approval is notable as the first CSRC clearance for a U.S. listing in four months and only the third in 12 months, suggesting a case-by-case regulatory approach rather than a blanket ban on offshore listings by red-chip firms. DSC is incorporated in the Cayman Islands and is backed by Ant Group and Primavera, making the approval a positive signal for select China-linked issuers seeking U.S. listings. (Source)

Europe

RAC Delays Planned £5 Billion London IPO to Late 2026

RAC, the British driving services group, has delayed its planned London IPO to the final months of 2026 from an earlier target in the first half of the year. The IPO is expected to be sized at about £5 billion and would list on the London Stock Exchange. The delay reflects shifting market conditions, with Reuters citing Financial Times reporting based on people familiar with the matter. (Source)

Dolomiti Energia Selects Intesa and Goldman Sachs for Potential Milan IPO

Dolomiti Energia is preparing for a potential IPO on the Milan stock exchange that could value the Italian utility at €3 billion to €4 billion. The company has selected Intesa Sanpaolo and Goldman Sachs as global coordinators, with an October listing targeted subject to market conditions. Dolomiti Energia is Italy’s fourth-largest hydroelectric producer, generates about 98% of its power from renewable sources, and reported 2025 core earnings of €491 million while targeting €600 million of EBITDA by 2030. (Source)

Schouw & Co Advances Nasdaq Copenhagen IPO Plans for BioMar

Schouw & Co plans to pursue an IPO of BioMar, the world’s third-largest fish feed producer by volume, on Nasdaq Copenhagen. The offering is expected to include existing shares from Schouw & Co and newly issued shares from BioMar. Schouw & Co intends to remain a long-term majority shareholder after the IPO, while deal size and valuation have not yet been determined. (Source)

Asia-Pacific

Singapore Exchange Sets Framework for Dual U.S.-Singapore Listings

Singapore Exchange has introduced new rules to support simultaneous U.S.-Singapore listings through its partnership with Nasdaq. Companies seeking a Global Listing Board listing would need a minimum market capitalization of S$2 billion, with at least 15% of funds raised in Singapore and a minimum Singapore fundraising amount of S$75 million. The framework is expected around mid-year, subject to regulatory amendments, and is designed to align approval timelines with Nasdaq for harmonized dual listings. (Source)

MENA

Saudi Arabia’s DABS IPO Tests GCC Investor Confidence Amid Regional Volatility

DABS is floating 21 million shares, representing a 30% stake, on Saudi Arabia’s Tadawul in the first IPO since the regional conflict cited in the report. The transaction is viewed as a test of investor confidence amid geopolitical volatility and a potential signal of resilience in the Saudi IPO market. The wider MENA IPO market slowed sharply in Q1 2026, with proceeds down 91% year over year and only four deals compared with 12 in 2025, though Saudi approvals for companies including Berain Company suggest a more optimistic Q2 pipeline. (Source)

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