The IPOX® Update 5/23/2026

U.S.

SpaceX Targets Landmark Nasdaq IPO at Up to $2 Trillion Valuation Amid Float and Governance Concerns

SpaceX has filed for a U.S. IPO on Nasdaq under the ticker SPCX, targeting a reported $75 billion raise at a valuation of approximately $1.75 trillion to $2 trillion, with a roadshow expected on June 4 and listing planned for June 12. The company’s business spans rockets, Starlink satellite internet, AI through xAI, and data centers, while 2025 revenue was reported at $18.7 billion alongside a $4.9 billion net loss. IPOX® Founder Josef Schuster cautioned that a very low float is “a big red flag,” while IPOX® Associate Lukas Muehlbauer noted SpaceX’s scale makes it an unusual test case for the broader IPO market. Elon Musk is expected to retain 85.1% voting power through dual-class shares, raising governance and shareholder protection concerns. (Source 1) (Source 2) (Source 3)

OpenAI IPO Plans Accelerate After Legal Win and Renewed AI Listing Momentum

OpenAI is reportedly preparing a confidential U.S. IPO filing, though CEO Sam Altman has suggested the company could file without immediately listing. IPOX® VP Kat Liu said the dismissal of Elon Musk’s lawsuit removed a major obstacle and may give OpenAI confidence to accelerate its timeline, especially as a potential filing could coincide with SpaceX’s IPO process. Reuters reported that investor focus remains high on AI-related issuers, while the lawsuit’s resolution could clear the path for a potential IPO that some analysts believe may value OpenAI at up to $1 trillion. Despite the legal win, governance practices and leadership disclosures from the trial may remain areas of investor scrutiny. (Source 1) (Source 2) (Source 3)

SB Energy Plans Confidential U.S. IPO to Fund AI Power Infrastructure Growth

SB Energy, backed by SoftBank Group and OpenAI, plans to confidentially file for a U.S. IPO as investor demand strengthens for new listings tied to AI infrastructure. Founded in 2019, the company develops large-scale power and data center infrastructure for AI workloads and has raised more than $18 billion in project capital. SB Energy has about 5 gigawatts of energy assets operating or under construction and is partnered with OpenAI under the Stargate initiative. The planned filing follows stronger recent IPO activity in energy and AI-linked infrastructure companies. (Source)

Oura Files Confidentially for U.S. IPO After $11 Billion Valuation Round

Oura, the Finnish-founded maker of the Oura Ring, has confidentially filed for a U.S. IPO after being valued at approximately $11 billion in an October 2025 funding round. The company has sold more than 5.5 million smart rings globally and offers sleep, activity, and health tracking through its wearable wellness platform. IPOX® Associate Lukas Muehlbauer said investor appetite should be decent given renewed buyer interest in health-tech companies with repeat revenue and paths to profit. Oura’s public-market appeal may also benefit from partnerships across health, sport, retail, and enterprise channels, including its role as official wearable for Team USA and the LA28 Olympic and Paralympic Games. (Source 1) (Source 2)

Blockchain.com Confidentially Files for U.S. IPO Amid Crypto Listing Revival

Blockchain.com, a crypto brokerage serving millions of users in more than 100 countries, has confidentially filed for a U.S. IPO. The filing was made on May 21, 2026, with regulatory review expected to take approximately two to three months. IPO size, price range, and valuation have not yet been determined. The company has facilitated more than $1.1 trillion in crypto transactions, positioning it as a major digital-asset platform preparing to test renewed investor appetite for crypto-related listings. (Source)

ERock Files for NYSE IPO as Data Center Power Demand Drives Revenue Growth

ERock, Inc., a Houston-based energy company, has filed for a U.S. IPO on the New York Stock Exchange under the ticker EROC. The company designs, deploys, and operates modular natural gas-powered distributed power systems for data centers, utilities, and industrial customers, with a focus on bridge, backup, and dispatchable power for AI ecosystem infrastructure. ERock reported quarterly revenue of $31.7 million for the period ended March 31, up nearly 32% from $24.1 million a year earlier, while its net loss widened to $17.2 million. Morgan Stanley and J.P. Morgan are serving as joint lead book-running managers for the offering. (Source)

Europe

KNDS Plans Frankfurt IPO Valuing Defense Group at More Than $23 Billion

KNDS, the Franco-German defense group known for making the Leopard tank, is expected to pursue a Frankfurt IPO in June or July 2026 that could value the company at more than $23 billion. Germany plans to acquire a 40% stake in the company during the listing, matching France’s stake, with both governments expected to reduce their holdings to 30% over the next two to three years while maintaining equal voting rights. KNDS was formed through the merger of Germany’s KMW and France’s Nexter, and the founding families are expected to divest their stakes through the IPO. The final pricing will depend on market conditions. (Source)

Uzbekistan National Investment Fund Raises Over $690 Million in First London IPO

Uzbekistan’s National Investment Fund raised more than $690 million in its first London Stock Exchange IPO, marking the country’s first London listing. The IPO attracted approximately $2.8 billion in orders from global institutional investors and became the largest London listing of the year. The fund holds stakes in state-backed utilities, energy, transport, and infrastructure companies. Its successful debut is expected to support Uzbekistan’s broader reform plan to sell minority stakes in state firms between 2025 and 2028. (Source)

Germany Launches Uniper Sale Process with IPO Among Strategic Options

Germany has begun the sale process for nationalized energy company Uniper, with an outright sale or IPO among the possible options. The process could become one of Europe’s largest energy-sector transactions of the year, with potential suitors required to submit letters of intent by June 12. Berlin nationalized Uniper in 2022 during Europe’s energy crisis in a bailout valued at approximately $15.7 billion. Germany is required to reduce its stake to 25% plus one share by the end of 2028. (Source)

Asia-Pacific

Dien May Xanh Files for $546 Million Ho Chi Minh IPO

Dien May Xanh, Vietnam’s electronics retail chain, aims to raise approximately $545 million to $546 million through a domestic IPO, with shares expected to trade on the Ho Chi Minh Stock Exchange in early August. The subscription period is scheduled from May 27 to June 17, 2026, with allocation results expected on June 18 and 19. The company is targeting 2026 revenue of 122.5 trillion dong and net profit of 7.35 trillion dong. Proceeds will support business expansion, production growth, and debt repayment, while Vietcap Securities is leading the offering. (Source)

PCG Power Eyes Hong Kong IPO Filing at $2.5 Billion to $3 Billion Valuation

PCG Power, a China-based clean energy company, is planning a Hong Kong IPO filing as early as August, targeting a valuation of approximately $2.5 billion to $3 billion. Founded in 2022, the company operates distributed photovoltaic and clean energy stations. IPO proceeds are expected to fund expansion in solar, energy storage, and overseas markets. PCG Power’s backers include Temasek, Aramco Ventures, NIO Capital, GLP Partners, and Eurazeo. (Source)

MENA

Dangote Plans September IPO for Oil Refinery Business to Fund Expansion

Dangote plans a September IPO for its oil refinery business to raise funds for expansion. The refinery reached full capacity of 650,000 barrels per day in February and is described as the largest refinery in Africa and one of the world’s largest single-train plants. The business has attracted approximately $2 billion in private offers, though not all of that amount is expected to be used in the IPO. The listing is intended to support Dangote’s ambition to transform Nigeria from a fuel importer into a major continental refining hub. (Source)

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