The IPOX® Update 12/20/2025

U.S.

OpenAI Eyes $1 Trillion IPO Valuation Amid $100 Billion Fundraising Talks

Generative AI leader OpenAI is reportedly in early discussions for a $100 billion fundraising round at a $750 billion valuation, laying the groundwork for a potential IPO that could value the company at $1 trillion. The ChatGPT creator is targeting a public listing as early as the second half of 2026, following a recent employee share sale that valued the firm at $500 billion. This aggressive valuation trajectory highlights the intense investor demand for AI exposure and the company's continued discussions with major backers like SoftBank and Amazon. (Source)

SpaceX Targets Record-Breaking $1.5 Trillion Valuation for 2026 IPO

Elon Musk’s SpaceX is planning a massive initial public offering for late 2026, with a target valuation of up to $1.5 trillion, potentially making it the largest market debut in history. As prediction markets speculate on the ticker symbol—favoring '$X'—executives have signaled secondary share sales valuing the company at $800 billion. The listing would mark a significant milestone for the aerospace giant after 24 years of private operation, significantly boosting Musk's personal net worth. (Source)

Andersen Group Surges 31% in Strong NYSE Debut

Tax advisory firm Andersen Group saw its shares jump approximately 31% in its NYSE debut, raising $176 million and achieving a valuation of roughly $2.3 billion. IPOX® VP Kat Liu analyzed the successful opening, noting that "investors appear to be responding favorably to the company's debut due to a combination of brand recognition, earnings stability, and reasonable valuation." CEO Mark Vorsatz emphasized that the IPO provides the necessary currency for the firm to pursue aggressive global acquisitions over the next 30 months. (Source)

Nasdaq Forecasts Robust 2026 IPO Pipeline Including SpaceX and Fannie Mae

Nasdaq executives are projecting a "bigger year ahead" for listings, citing a strong pipeline of billion-dollar-plus IPOs for 2026, including potential heavyweights like SpaceX, OpenAI, and mortgage giants Fannie Mae and Freddie Mac. The exchange noted that U.S. IPOs have raised $74.7 billion year-to-date, an 80% increase over the previous year, signaling a recovery in capital markets. Additionally, the exchange highlighted its success in attracting transfers, with 22 companies, including Walmart, moving from the NYSE. (Source)

Nasdaq Seeks SEC Approval to Deny Listings to Prevent Manipulation

The Nasdaq has filed a proposal with the SEC seeking discretionary authority to deny initial listings to companies that meet technical requirements but pose potential risks of misconduct or manipulation. The proposed rule would allow the exchange to evaluate factors such as management's U.S. experience and the regulatory history of third-party advisors. If approved, this measure would take effect immediately for current applicants, aiming to safeguard investor confidence. (Source)

Portable Power Firm EcoFlow Plans $300 Million U.S. IPO

Chinese portable power company EcoFlow Technology Inc. is working with advisors on a planned U.S. initial public offering that could raise at least $300 million. The listing, which remains subject to approval by Chinese securities regulators, underscores the continued interest of Chinese hardware firms in accessing U.S. capital markets. The company is currently determining the timing of the share sale based on regulatory feedback. (Source)

Europe

Elliott Prepares Waterstones and Barnes & Noble for London Listing

Hedge fund Elliott Investment Management is preparing to list booksellers Waterstones and Barnes & Noble, with reports indicating a preference for a London IPO over New York. CEO James Daunt called the move an "inevitability," noting that investment bankers could be appointed early next year for a listing after the summer. The combined group, which operates over 900 stores globally, is seeking to provide a welcome boost to the UK stock market. (Source)

Asia-Pacific

Wave of Chinese AI and Chip Giants Prepare for Major Hong Kong Listings

A significant cluster of Chinese tech companies, including AI unicorns MiniMax and Zhipu, as well as chipmakers Montage Technology, GigaDevice, and Biren Technology, are lining up for Hong Kong IPOs in the coming weeks. Montage and GigaDevice are each targeting raises of up to $1 billion, while AI chip firm Biren is gauging interest for a deal worth hundreds of millions despite being on the U.S. entity list. This flurry of activity signals a renewed push by mainland technology leaders to tap offshore capital markets early in the new year. (Source 1) (Source 2) (Source 3)

Logistics Giant GLP Picks Banks for 2026 Hong Kong IPO

Investment manager GLP Pte has selected a syndicate of banks, including Citigroup and Morgan Stanley, to lead a Hong Kong IPO potentially scheduled for the first half of 2026. The firm is currently deliberating on the offering size and timing, marking a potential return to public markets for the logistics and real estate heavyweight. While preparations are underway, the company has not yet finalized the decision to proceed. (Source)

Sunway Healthcare Targets $700 Million Malaysia IPO

Sunway Healthcare Holdings is set to gauge investor interest in January for an IPO in Kuala Lumpur that could raise approximately $700 million. The company plans to list as early as March, offering up to 1.97 billion shares in what would be one of Malaysia's largest listings in recent years. The deal involves both the sale of existing shares and a capital raise to fund further expansion. (Source)

Malaysian Insurtech Bjak Weighs IPO for European Expansion

Malaysia’s largest online insurance aggregator, Bjak Sdn, is considering an initial public offering within the next two years to support its entry into the European market. The platform, which serves 7 million users, has seen its gross written premiums rise significantly and plans to double its workforce by 2026. The listing plans reflect the company's ambition to scale globally beyond its Southeast Asian stronghold. (Source)

MENA

Saudi IPO Market Cools as Investors turn Cautious

Investor appetite in the Saudi market has notably cooled, leading to the cancellation of EFSIM Facilities Management's IPO and the delay of CloudKitchens' planned dual listing. Data shows that only five of the 13 companies listed on the Tadawul this year are trading above their offer price, with recent debuts suffering significant declines. The slowdown is expected to persist into early 2026, exacerbated by the approaching Ramadan lull in Q1. (Source)

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