The IPOX® Update 11/1/2025
U.S.
OpenAI Targets Up to $1 Trillion Valuation in 2026–2027 IPO Plan
OpenAI is preparing a U.S. IPO that could target a valuation of up to $1 trillion, with at least $60 billion in proceeds sought. The listing is reportedly eyed for 2027, with late 2026 possible, as revenue is projected to reach a $20 billion annual run-rate by year-end. A restructuring with Microsoft would pivot OpenAI from its nonprofit roots to enable large-scale financing for expansion. (Source 1) (Source 2)
Medline Files for U.S. IPO That Could Value Company at Up to $50 Billion
Medline, a leading medical supplies manufacturer, filed for a U.S. IPO on Nasdaq under the ticker MDLN, with reports suggesting roughly $5 billion could be raised at a valuation up to $50 billion. H1 2025 results showed net sales up 9.7% to $13.53 billion and net profit of $655 million, with Goldman Sachs, Morgan Stanley, BofA Securities, and J.P. Morgan as lead underwriters. In Reuters coverage, IPOX® Research Associate Lukas Muehlbauer said the deal “signals that the IPO market remains wide open despite the shutdown” and will be a “critical barometer for investor confidence” into 2026. (Source 1) (Source 2) (Source 3) (Source 4)
Gloo Holdings Seeks $873 Million Valuation in Nasdaq IPO
Gloo Holdings, a Boulder, Colorado-based religious technology firm, filed to raise up to $109.2 million by selling 9.1 million shares at $10–$12, implying a valuation up to $873.4 million. The company builds AI tools for Christian churches, including “safe search” chatbots grounded in the Bible, and has named former Intel CEO Pat Gelsinger as technology head and executive chairman. Roth Capital Partners is sole book-runner for the Nasdaq listing under ticker GLOO, while founder Scott Beck is set to control 43.4% of voting power despite recent losses. (Source)
UK Aerospace Supplier Doncasters Weighs 2026 New York IPO
Doncasters Group, a UK-based supplier to Boeing and other aerospace customers, is inviting banks to pitch for a potential New York IPO targeted for 2026. Management is exploring an offering to capitalize on investor demand for civil and defense aerospace exposure, with an IPO potentially catalyzing parallel buyer interest. The move would mark a turnaround for the group following prior sale explorations. (Source)
Europe
British Crypto Investor KR1 Plans Uplisting to London Stock Exchange Main Market
KR1, currently on the Aquis Stock Exchange, plans to migrate to the London Stock Exchange’s main market to broaden its investor base and visibility. The company intends to set up a placing program to issue new shares and expand staking operations that validate blockchain transactions for rewards. The uplisting is subject to FCA prospectus approval and shareholder consent amid the UK’s push to position itself as a crypto hub. (Source)
Asia-Pacific
Jack Ma–Backed Pollon Life Confidentially Files for $300 Million+ Hong Kong IPO
Pollon Life, a Chinese developer of stem cell therapies backed by Jack Ma’s Yunfeng Capital, has confidentially filed for a Hong Kong IPO that could raise about $300 million or more. CCB International, CICC, and UBS are said to be working on the planned listing, according to people familiar with the matter. Proceeds would fund growth as the company advances regenerative medicine programs in China. (Source)
Singapore Moves to Disclosure-Based Listing Regime Under SGX RegCo
Singapore’s MAS has proposed consolidating prospectus and listing suitability reviews under SGX RegCo as it shifts toward a disclosure-based regime. Planned measures include lowering the Mainboard profit test to S$10 million, refining rules for pre-revenue (including life sciences) listings, and removing the SGX RegCo financial watch-list. Trading suspensions will be limited to cases with clear evidence of going-concern issues to support market continuity. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
