IPO activity accelerates despite the U.S. government shutdown. In the U.S., Medline targets a ~$5B float, PayPay eyes a December listing above $20B, Navan and Beta advance sizable offerings, and Exzeo launches on NYSE. Europe sees CSG and Shawbrook preparing deals, while Asia-Pacific features Seres, WeRide, Rakuten Card, Coca-Cola’s HCCB, and I-Mab’s dual listing. MENA’s Dubizzle opens a ~$600M Dubai IPO. IPOX® CEO Josef Schuster urges flexible terms amid volatility.

Earnings season is in full swing, with U.S. banks kicking off the reporting cycle and key IPOX® Index constituents set to follow. Next week will feature major updates from leading firms across the IPOX® 100 U.S., IPOX® Europe, and IPOX® International indexes — including GE Vernova, IBM, Nextracker, MilDef, Porsche, and CATL — offering valuable insight into global sector performance and momentum across IPOX® portfolios.

In a Reuters article on Navan’s planned $6.45 billion U.S. IPO, IPOX® CEO Josef Schuster commented on the impact of the ongoing U.S. government shutdown on IPO sentiment. Schuster noted that while optimism remains, “heightened volatility” and regulatory delays may weigh on demand, urging issuers to remain flexible with offering terms.

Global IPO activity is accelerating across regions, led by biotech and AI firms in the U.S., major industrial listings in Europe, and robotics and infrastructure plays in Asia. MENA markets also see renewed momentum with Dubai and Johannesburg offerings on deck. Commentary from IPOX® CEO Josef Schuster and IPOX® Analyst Lukas Muehlbauer underscores strong investor sentiment and strategic timing as issuers navigate regulatory hurdles and capitalize on market windows.

In a Reuters feature on how companies are navigating IPO plans during the U.S. government shutdown, IPOX® Research Associate Lukas Muehlbauer explained why biotech firms like MapLight are seizing this favorable market window despite regulatory delays. Muehlbauer noted that MapLight aims to get ahead of the SEC backlog, though the 20-day pricing lock limits flexibility. He added that biotech firms’ urgent funding needs make them prime candidates for this route.

Reuters reports that MapLight Therapeutics is targeting a $704.3 million valuation in its U.S. IPO, reflecting renewed investor appetite for biotech offerings. IPOX® CEO Josef Schuster described the move as “opportunistic”, citing the strong market climate for IPOs and heightened M&A activity in the sector. Schuster added that MapLight’s promising drug candidates and market momentum are likely to attract significant investor interest.

In a recent Reuters article, IPOX® CEO Josef Schuster commented on Cerebras Systems’ decision to withdraw its planned U.S. IPO, following the company’s $1.1 billion funding round. Schuster noted the move was “no surprise” given the recent capital raise, emphasizing it was a strategic decision rather than a reflection of market weakness, adding that U.S. IPO sentiment remains exceptionally strong amid renewed investor enthusiasm for AI-related offerings.

Global IPO markets are regaining momentum across regions, with billion-dollar deals in the U.S., Europe, Asia, and MENA. Highlights include Verisure’s €3.1B raise in Stockholm, MRI Software’s potential $10B U.S. float, and Ottobock’s €800M Frankfurt listing. Meanwhile, fintech Wealthfront, Navan, and University of Phoenix’s owner have filed in the U.S. Strong demand persists, though risks remain, as IPOX® analysts warn pricing discipline and U.S. government shutdown delays could stall activity.

A U.S. government shutdown has halted SEC IPO processing, creating uncertainty just as the market was rebounding. While some deals may face delays, IPOX® research analyst Lukas Muehlbauer emphasized that strong investor demand and inflows into IPO-focused funds should sustain momentum once operations resume. “The best after-market performance in years will continue to lure companies to the market,” he noted.

Education provider Phoenix Education Partners, owner of the University of Phoenix, is targeting a valuation of up to $1.17B in its planned U.S. IPO. Backed by Apollo Global and Vistria Group, the firm seeks to raise $140.3M with shares priced between $31–33, listing on the NYSE under "PXED." IPOX® CEO Josef Schuster noted strong sentiment for U.S. IPOs, highlighting differences in PE-backed deals. The offering reflects renewed sponsor-led listing momentum.

Wealthfront has filed for a U.S. IPO after reporting $308.9 million in 2025 revenue, up from $216.7 million a year earlier. Commenting on the filing, IPOX® CEO Josef Schuster noted that the U.S. IPO market remains “extremely healthy” going into Q4 but cautioned that investor appetite may be tested if pricing is too aggressive, citing recent post-listing performance of Chime and eToro.

Reuters highlights IPOX® CEO Josef Schuster’s commentary on Alliance Laundry’s planned $4.34 billion IPO. Backed by BDT & MSD Partners, the company aims to raise up to $751 million on the NYSE under “ALH.” Schuster noted that the inclusion of PE-backed firms broadens U.S. IPO deal flow and that cornerstone investor demand underscores the IPO’s medium- to long-term appeal.

Electric aircraft maker Beta Technologies has filed for a U.S. IPO, aiming to trade on the NYSE under the ticker BETA. In coverage by Reuters, Kat Liu, Vice President at IPOX®, noted: “Beta's IPO plays into two narratives that are resonating with investors: the long-term electrification trend and renewed appetite for selective growth stories.” The listing highlights growing investor interest in sustainable aviation and clean mobility solutions.

Global IPO activity is surging across regions in 2025. In the U.S./Canada, Medline eyes a $5B blockbuster, Neptune Insurance targets $2.76B, and Brookfield-backed Rockpoint advances in Toronto, with IPOX® VP Kat Liu offering insights. Europe sees Kingspan and Deutsche Börse prepping listings, while Zijin Gold leads Asia-Pacific with a $3.2B Hong Kong float. MENA/Africa highlights Kenya Pipeline’s planned $1.15B IPO and Dubai’s ALEC, amid renewed momentum tracked by IPOX® benchmarks.

Ethos Technologies filed for a U.S. IPO after reporting a 55% revenue surge in the first half of 2025, with net income rising to $30.7 million. The insurer joins a wave of peers tapping strong demand for listings. While some, like Accelerant and Slide, trade below offer prices, others have fared better. IPOX® Vice President Kat Liu noted investors will closely watch outcomes to gauge sustainable performance.