Key facts
- Several high-profile IPOs have been abandoned, delayed, or reworked in 2026 due to investor demands for valuation discipline.
- Firmus, an Australian AI data centre operator, withdrew its planned IPO in October, citing market volatility.
- Clear Street, a Wall Street brokerage, withdrew its US IPO in February after delaying the deal and cutting its fundraising target.
- Smart-ring maker Oura postponed its US IPO in September due to market uncertainty.
- Franco-German defence group KNDS has put its listing plans on hold until market conditions improve.
- PhonePe, a Walmart-backed Indian fintech firm, paused its IPO plans in March due to geopolitical tensions and market volatility.
A wave of high-profile initial public offerings (IPOs) have been withdrawn, delayed, or restructured in 2026 as investors increasingly demand stricter valuation discipline, dampening hopes for a sustained recovery in global equity capital markets.
Australia's Firmus, an AI data centre operator backed by Nvidia, became the latest casualty on Friday, abandoning what would have been the country's second-largest IPO. The company cited market volatility and prevailing conditions for its decision, stating it would pursue private funding and explore alternative listing options. Firmus had sought a valuation of approximately $30.6 billion.
Other notable IPOs that have been shelved this year include:
- Clear Street: The Wall Street brokerage withdrew its planned US IPO in February after initially delaying the deal and significantly reducing its fundraising target, citing market conditions.
- Oura: The smart-ring maker postponed its US IPO in September due to market uncertainty, having aimed to raise up to $2.2 billion at a valuation of as much as $15 billion.
- Holtec Nuclear: The nuclear equipment maker withdrew its planned US IPO in September, citing adverse sentiment impacting equity markets and the nuclear sector.
- Bamboo Insurance Services: The homeowners managing general underwriter postponed its US IPO in late September. The company had set a price range of $18 to $20 per share for 35 million shares, which would have raised up to $700 million and valued the company at over $3 billion.
- Amaero: The advanced materials manufacturer postponed its US IPO in September, seeking to raise capital through the sale of 7.5 million shares.
- KNDS: The Franco-German defence group announced in July that it has put its listing plans on hold until market conditions improve, shelving what could have been one of Europe's largest defence IPOs in recent years. A source indicated a potential valuation of around €15 billion ($16.84 billion).
- CopperTech Metals: The firm delayed its US IPO in late June, citing volatility in the global copper equity sector. It had planned to raise $423.5 million by offering 23.5 million shares priced between $16 and $18, aiming for a valuation of up to $3.57 billion.
- PhonePe: Walmart-backed Indian fintech firm PhonePe paused its IPO plans in mid-March, attributing the decision to geopolitical tensions and global capital market volatility. At the time, the company aimed for a valuation between $9 billion and $10.5 billion.