The IPOX® Update 5/16/2026

U.S.

SpaceX Approves 5-for-1 Split Ahead of Planned $75 Billion Nasdaq IPO

SpaceX shareholders approved a 5-for-1 stock split ahead of the company’s planned Nasdaq IPO under the ticker SPCX. The split reduces the fair market value per share from $526.59 to about $105.32, with completion expected by May 22. The company is targeting a listing as early as June 12, with pricing expected around June 11, and aims to raise $75 billion at a $1.75 trillion valuation, potentially making it the largest stock market flotation ever. (Source)

Cerebras Surges 89% in Nasdaq Debut After $5.55 Billion IPO

Cerebras, an AI chip designer and Nvidia competitor, jumped 89% in its Nasdaq debut after raising $5.55 billion in its U.S. IPO. The opening price implied a fully diluted valuation of about $106.75 billion, reflecting strong investor appetite for AI-linked listings. Cerebras had reportedly rejected an acquisition approach from SoftBank before going public and highlighted its AI inference chip performance, including claims that its silicon can generate chatbot output up to 15 times faster than Nvidia’s leading processors. (Source)

Blackstone Digital Infrastructure Trust Debuts After $1.75 Billion IPO

Blackstone Digital Infrastructure Trust had a muted market debut following its $1.75 billion IPO, according to Reuters coverage featuring IPOX® Research Associate Lukas Muehlbauer. Muehlbauer said timing is crucial because thematic IPO windows can open and close suddenly, while strong demand for Cerebras suggests the AI-linked issuance window remains open. He noted that BXDC could become a template for data center, power or AI infrastructure vehicles, with investors buying into Blackstone’s execution record and long sector history. (Source)

EagleRock Land Gains 24% in NYSE Debut After $320 Million IPO

EagleRock Land, a Permian-focused landowner, rose 24.3% from its $18.50 IPO price in its NYSE debut after raising $320.1 million. The debut valued the company at about $3 billion and underscored investor interest in energy-related listings. IPOX® Associate Lukas Muehlbauer told Reuters that demand is strongest for companies tied to artificial intelligence, power demand, energy security and infrastructure. (Source)

Forbright Files for Nasdaq IPO After Revenue and Profit Jump

Forbright, a U.S. financial services company founded in 2003 as Congressional Bank and rebranded in 2022, filed for a U.S. IPO on the Nasdaq Global Select Market under the symbol FRBT. The company reported 2025 revenue of $333.8 million and net income of $87.9 million, up from revenue of $252.7 million and profit of $43.4 million in 2024. Its operations include middle-market lending, digital consumer banking, strategic advisory and asset management, with Goldman Sachs, J.P. Morgan, Barclays, Piper Sandler, TD Securities, Santander and Centerview Partners among the underwriters. (Source)

Quantinuum Publicly Files for Nasdaq IPO

Quantinuum, Honeywell’s quantum computing business, publicly filed for a U.S. IPO on the Nasdaq Stock Exchange. The Broomfield, Colorado-based company develops quantum computing hardware, middleware and software designed for hybrid CPU, GPU and QPU workflows across industries such as pharmaceuticals and finance. Quantinuum reported a net loss of $192.6 million on revenue of $30.9 million for the year ended December 31, compared with a $144.1 million loss on revenue of $23 million a year earlier, with J.P. Morgan Securities and Morgan Stanley acting as underwriters. (Source)

WhiteHawk Files for U.S. IPO Amid Energy Listing Momentum

WhiteHawk, a natural gas mineral and royalty business, filed for a U.S. IPO after disclosing a 615% revenue increase in 2025. Reuters highlighted the filing as part of renewed investor interest in U.S. energy assets. IPOX® Associate Lukas Muehlbauer said royalty businesses can be attractive because they provide exposure to commodity prices and drilling activity without the same spending burden as traditional oil and gas producers. (Source)

Kraken Cuts 150 Jobs as Planned IPO Timeline May Slip

Payward, the parent company of cryptocurrency platform Kraken, is cutting about 150 jobs as part of an optimization effort ahead of its planned IPO. The reductions reportedly followed the deployment of AI technology and efforts to reduce costs amid weaker digital-asset prices. Bloomberg reported that Kraken’s IPO may slip to later in 2026 or early 2027, according to a person familiar with the matter. (Source)

Europe

KNDS Presses Ahead With Summer IPO as Germany Weighs Pre-Listing Stake

KNDS, the French-German tank maker, is continuing preparations for a planned summer IPO while the German government considers buying a pre-listing stake to safeguard national security interests. Germany is reportedly considering a 30% to 40% holding to match France’s position, while talks remain ongoing. The company’s CEO said IPO preparations are on schedule, creating a limited window for Germany to secure a stake before any potential German family sell-down. (Source 1) (Source 2)

Asia-Pacific

Baidu’s Kunlunxin Targets $14.6 Billion Valuation in Hong Kong IPO

Kunlunxin, Baidu’s AI chip unit, is targeting a valuation above 100 billion yuan, or about $14.6 billion, in a planned Hong Kong IPO. The company reportedly filed confidentially in January and is in advanced stages for a Hong Kong listing, while also pursuing a Shanghai STAR Market listing with CICC advising during IPO tutoring. The listing would support China’s broader push to expand semiconductor investment and strengthen domestic technology independence. (Source)

Seraya Weighs Sale or IPO of Cyan Renewables at Up to $2 Billion Valuation

Seraya Partners is considering a dual-track process for Cyan Renewables, either through a sale or potential IPO. Singapore-based Cyan, which operates vessels serving the offshore wind industry, could be valued at up to $2 billion and has EBITDA of more than $100 million. The company operates 35 vessels across Asia, Australia and Scotland, and expanded significantly through its 2024 acquisition of MMA Offshore for A$1.1 billion. (Source)

KK Mart Plans Bursa Malaysia IPO With Up to 840 Million Shares

KK Mart Retail Bhd, operator of the KK Super Mart and KK Mart convenience store chain, plans to launch an IPO on Bursa Malaysia. The offering will involve up to 840 million shares, including as many as 630 million existing shares and 210 million new shares, though pricing, total proceeds and timing were not disclosed in the draft prospectus. Proceeds from the new shares will support store and distribution center expansion, digital and IT investments, bank loan repayment and listing expenses, with Maybank Investment Bank acting as principal adviser, sole bookrunner, sole underwriter and sole placement agent. (Source)

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