The IPOX® Update 12/26/2025

U.S.

Ackman Proposes Merging SpaceX with SPARC for Potential $1.5 Trillion IPO

Bill Ackman has proposed merging SpaceX with Pershing Square SPARC Holdings, a move that would offer Tesla shareholders priority access to the listing. The structure aims to facilitate a capital raise at a valuation of up to $1.5 trillion without traditional underwriting fees. The proposal targets a mid-February announcement, capitalizing on the immense market interest in Elon Musk's space venture. (Source)

Medtronic’s Diabetes Unit MiniMed Files for U.S. IPO

MiniMed Group, the diabetes management business of Medtronic, has filed for a Nasdaq IPO under the ticker 'MMED'. The unit, which reported $1.48 billion in half-year sales, is proceeding with its spin-off plans to pay down parent company debt. The filing highlights growing revenue and a shrinking net loss as it prepares for a roadshow in early 2026. (Source)

Seven & i Pushes for U.S. Convenience Store Turnaround Ahead of 2026 Listing

The CEO of Seven & i Holdings is demanding a rapid turnaround for its U.S. 7-Eleven business to prepare for an IPO of the unit in the latter half of 2026. The strategy focuses on cost reductions and boosting private-brand sales to maximize valuation following a rejected takeover bid from Alimentation Couche-Tard. The listing is intended to fund new investments and improve shareholder returns. (Source)

AI Fleet Management Firm Motive Technologies Files for NYSE IPO

San Francisco-based Motive Technologies has filed for an IPO on the NYSE under the symbol 'MTVE', reporting 22% revenue growth to $327.3 million for the first nine months of the year. The company provides AI-powered fleet safety and management tools to clients like Halliburton and Maersk. Leading underwriters include J.P. Morgan and Citigroup for the listing expected amid a broader 2025 IPO rebound. (Source)

Europe

Software Giant Visma Expands Bank Syndicate for Blockbuster London IPO

Visma, the software company backed by Hg, has added 11 banks to its underwriting lineup for a potential IPO that could be one of Europe's largest this decade. The company is targeting a listing in London as soon as the first half of 2026, working with lead advisors Goldman Sachs, Morgan Stanley, and UBS. The expanded syndicate reflects the sheer scale and complexity of the anticipated offering. (Source)

Asia-Pacific

SoftBank Delays PayPay IPO to 2026 Amid $22.5 Billion OpenAI Funding Push

SoftBank Group has delayed the IPO of its payments app PayPay to the first quarter of 2026 due to market disruptions, now targeting a valuation raise of over $20 billion. Simultaneously, the conglomerate is liquidating assets, including stakes in Nvidia and T-Mobile, to fulfill a massive $22.5 billion funding commitment to OpenAI. The move underscores CEO Masayoshi Son's 'all-in' bet on artificial intelligence. (Source)

Mars-Backed Ringpai Veterinary Hospital Files for $500 Million Hong Kong IPO

Ringpai Veterinary Hospital, China's second-largest pet hospital operator, has filed for a Hong Kong IPO aiming to raise approximately $500 million. Backed by Mars China and Goldman Sachs, the company operates over 500 hospitals and reported a net profit turnaround in the first half of 2025. CICC has been appointed as the sponsor for the listing. (Source)

Rocket Maker LandSpace Preps for Shanghai STAR Market Listing

Private rocket manufacturer LandSpace has completed pre-IPO tutoring for a planned listing on Shanghai's STAR Market in 2026. The Beijing-based firm aims to compete with SpaceX by developing reusable rockets like the Zhuque-3 to lower launch costs. The listing capitalizes on China's strategic push to support hard-tech and aerospace innovation. (Source)

Americas

Brazil’s Aegea Sanitation Files for Potential IPO to End Listing Drought

Brazilian sanitation firm Aegea has filed to change its registration status, signaling a potential IPO that would mark Brazil's first new listing in over four years. Backed by GIC and Itausa, the company operates in 15 states and is engaging advisors to capitalize on sector growth. The move depends on favorable market conditions, aiming to break the country's long IPO dry spell. (Source)

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