The IPOX® Update 12/15/2025
U.S.
SpaceX Plans Record-Breaking IPO Targeting Valuation Over $1.5 Trillion
Elon Musk’s SpaceX is moving ahead with plans for a massive IPO as early as mid-2026, targeting a valuation of roughly $1.5 trillion. The company aims to raise significantly more than $30 billion to fund ambitious projects, including space-based data centers and chip acquisitions. This offering would likely stand as the largest ever, cementing SpaceX's dominance in the aerospace sector. (Source)
Medline Targets 'Blockbuster' $55 Billion Valuation in Largest IPO of 2025
Medical supplies giant Medline is seeking to raise approximately $5.37 billion in an upcoming U.S. listing, aiming for a valuation of up to $55.3 billion. IPOX® CEO Josef Schuster noted the deal’s significance, stating that the "reception to Medline's IPO will be crucial as it's set to re-test the market for IPOs in sectors other than crypto, AI and fintech." He further added that the return to public markets is "another step for a company which is really an amazing American growth story." (Source)
Wealthfront Valued at $2.63 Billion in Nasdaq Debut as Fintech Issuance Rebounds
Digital savings platform Wealthfront has gone public with a valuation of $2.63 billion following a $484.6 million capital raise. Discussing the mixed aftermarket performance of recent listings, IPOX® Research Analyst Lukas Muehlbauer observed that "investors are still selective" despite a broader rebound in fintech issuance. The stock’s flat opening contrasts with other recent debuts, highlighting discerning investor sentiment. (Source)
Lumexa Imaging Prices IPO at $1.75 Billion Valuation Amid Renewed Market Activity
Diagnostic imaging provider Lumexa Imaging successfully raised $462.5 million in its IPO, capitalizing on the year-end equity rebound. IPOX® CEO Josef Schuster commented on the divergence in investor risk appetite, noting that while demand exists for the right deal, "it does not currently extend to sectors which have shown particularly poor post-IPO returns recently." The company is backed by Welsh, Carson, Anderson & Stowe and priced its shares at $18.50. (Source)
Tax Firm Andersen Targets $1.75 Billion IPO to Reclaim Historic Brand
Andersen, the tax advisory firm born from the legacy of Arthur Andersen, is targeting a $1.75 billion valuation in its U.S. IPO to raise roughly $176 million. IPOX® Associate Lukas Muehlbauer described the move as an "interesting resurrection story," suggesting the firm is betting its "brand's historic association with quality will outweigh the reputational baggage of Enron." Muehlbauer also noted that the December timing prioritizes immediate access to capital over potential future volatility. (Source)
Construction Tech Firm EquipmentShare Files for Nasdaq IPO
EquipmentShare.com has filed for a U.S. IPO under the ticker "EQPT," reporting a 27% revenue increase as it seeks to list before year-end. IPOX® Associate Lukas Muehlbauer analyzed the filing, warning that the company's capital-intensive model "creates heightened sensitivity to interest rates" and remains "vulnerable to any economic downturn." He added that a premium valuation for EquipmentShare would likely pressure industry incumbents to accelerate their own digital investments. (Source)
Michael Burry Predicts Imminent Re-Listing for Fannie Mae and Freddie Mac
Famed investor Michael Burry has revealed sizable positions in Fannie Mae and Freddie Mac, asserting that a public re-listing of the mortgage giants is "nearly upon us." Burry argues that for an IPO to proceed, regulators must ease capital requirements and scale back the government's stake. He acknowledges the path remains a "steep, windy and rocky climb" but plans to revisit the thesis as the situation evolves. (Source)
Europe
Magnum Ice Cream Completes Spin-Off and Listing at $9.1 Billion Valuation
The newly independent Magnum ice cream business has listed on the Amsterdam stock exchange with a valuation of roughly $9.1 billion following its spin-off from Unilever. Despite becoming the world's largest standalone ice cream company, shares opened below the reference price as investors weighed governance concerns and anti-obesity trends. The CEO maintains that independence will allow the company to be more agile and focused on its portfolio. (Source)
Asia-Pacific
Humanoid Robot Maker Galbot Eyes $4 Billion Valuation in 2026 Hong Kong IPO
Chinese humanoid robot manufacturer Galbot is reportedly planning a Hong Kong IPO for 2026, targeting a valuation between $3 billion and $4 billion. The company has reportedly selected Citic Securities, Huatai Securities, and UBS to lead the potential share sale. However, Galbot officially denied the specific IPO plans in a statement, citing a focus on restructuring and private market financing. (Source)
TPG Considers IPO or Stake Sale for Jewelry Brand APM Monaco
Private equity firm TPG is exploring options for APM Monaco, including a potential IPO or stake sale that could value the jeweler at over $2 billion. Deliberations are preliminary, with a dual-track process potentially starting early next year for the Asia-focused asset. This follows a previously aborted attempt to list the company, which operates about 500 stores globally, in Hong Kong in 2021. (Source)
Crypto Exchange HashKey Launches $215 Million Hong Kong IPO
HashKey Holdings is seeking to raise up to HK$1.67 billion ($215 million) in a Hong Kong IPO to fund technology scaling and risk controls. The crypto exchange is offering shares between HK$5.95 and HK$6.95, aiming to capitalize on the region's digital asset push. Proceeds will support infrastructure upgrades as the company opens its order books to investors this week. (Source)
Hong Kong Regulator Admonishes Banks Over Subpar IPO Applications
The Hong Kong stock exchange and securities watchdog have issued a rebuke to investment banks for submitting "shoddy and incomplete" IPO applications. Regulators expressed concern that some practitioners lack the necessary experience or understanding of listing requirements, leading to vetting delays. The warning highlighted potential consequences such as the suspension of application processing for non-compliant submissions. (Source)
MENA
Saudi Real Estate Firm EFSIM Cancels $90 Million IPO
EFSIM Facilities Management has cancelled its planned IPO on the Saudi Exchange (Tadawul), which aimed to raise up to $89.5 million. The cancellation occurred shortly after the bookbuilding process concluded, with the company citing no specific reasons beyond a decision made after consultation. EFSIM affirmed its commitment to expansion and stated it would reconsider listing options in the future. (Source)
Disclaimer: News summaries may contain mistakes. The information does not constitute financial advice, endorsement or recommendation and should not be considered as such.
