The IPOX® Update 12/06/2025

U.S.

AI Titan Anthropic Hires Counsel for Potential 2026 IPO to Rival OpenAI

Anthropic has engaged law firm Wilson Sonsini to prepare for a potential IPO as early as 2026, aiming to capitalize on the generative AI boom alongside rival OpenAI. The creator of the Claude chatbot is currently negotiating a private funding round that could push its valuation above $300 billion, with revenue projected to more than double next year. While the company stated no final decision on a listing has been made, the preparations signal a heating up of the capital race in the artificial intelligence sector. (Source)

Barrick Gold Explores US IPO for North American Asset Spinoff

Barrick Gold is evaluating an IPO for a new subsidiary holding its premier North American gold assets, aiming to unlock value amid record bullion prices. The "NewCo" would include major assets like the Nevada Gold Mines JV, with Barrick retaining a majority controlling stake post-listing. Advisors Goldman Sachs and Klein and Company are guiding the potential New York listing, which is targeted for 2026 to close valuation gaps with peers. (Source)

Wealthfront Targets $2.05 Billion Valuation in Upcoming US IPO

Digital wealth manager Wealthfront is eyeing a $2.05 billion valuation for its U.S. listing, positioning itself at the convergence of AI and fintech. Commenting on the deal, IPOX® Associate Lukas Muehlbauer noted the firm's strategic standing, highlighting that "while investor demand for new listings remains high, market sentiment is still susceptible to volatility." The listing adds to the growing pipeline of fintech companies testing the public markets. (Source)

Travel Platform Klook Delays Planned US IPO to 2026

Hong Kong-based travel unicorn Klook has postponed its U.S. IPO plans until early 2026, citing the need for improved market conditions following the holiday season. The SoftBank-backed company, which competes with Booking.com and Trip.com, aims to raise approximately $500 million. The decision follows lackluster performances from comparable travel technology peers in recent months. (Source)

Morgan Stanley Exec Predicts Surge in IPOs and Sponsor-Driven LBOs

A top Morgan Stanley investment banking executive forecasts a significant increase in IPO activity and leveraged buyouts, driven by private equity sponsors and the capital needs of large tech firms. The bank notes that top U.S. tech companies could require nearly $100 billion in funding by 2026, largely to finance AI infrastructure. This shift marks a departure from reliance on internal cash, with debt markets seeing heavy activity from hyperscalers. (Source)

Europe

Unilever’s Ice Cream Unit Targets €1 Billion Free Cash Flow Ahead of Amsterdam Spin-Off

The maker of Magnum and Ben & Jerry’s is projecting free cash flow of up to €1 billion by 2028 as it prepares to spin off from Unilever and list on the Amsterdam stock exchange. Set to become the world's largest standalone ice cream company, the firm plans to maintain a debt-to-profit ratio between 2.0 and 2.5 times. The listing, scheduled for early next week, comes as the company addresses governance issues and health-conscious consumer trends. (Source)

Airport Services Provider Menzies Aviation Weighs Potential IPO Return

Global airport handler Menzies Aviation is considering an IPO within the next few years to fund further expansion in the U.S. and Asia. While the company is currently content as a private entity following its 2022 acquisition by Agility, executives acknowledge that a listing could unlock significant shareholder value. The firm is focusing on integrating recent acquisitions and reinforcing its global network before committing to a specific bourse. (Source)

Asia-Pacific

Baidu’s AI Chip Unit Kunlunxin Targets $3 Billion Valuation in Hong Kong IPO

Kunlunxin, the AI chip unit spun out of Baidu, is planning a Hong Kong IPO with a filing expected as early as Q1 2026. Recently valued at approximately $2.97 billion following a 2 billion yuan fundraising round, the company is capitalizing on China's push for semiconductor self-sufficiency. Although operating independently, Baidu retains a controlling stake in the hardware manufacturer to support its AI infrastructure. (Source)

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