Short Answer
Both the model and the market expect Jersey Mike's to officially announce an IPO before 2027, with no compelling evidence of mispricing.
1. Executive Verdict
- SpaceX and OpenAI actively engage top banks for anticipated IPOs.
- SpaceX faces significant liquidity pressure from expiring employee stock options.
- The 2026 IPO market is poised for rebound due to interest rate cuts.
- Private markets exhibit a "flight to quality" favoring top-tier unicorns.
- SEC developing de facto AI disclosure regime creates new IPO challenges.
Who Wins and Why
| Outcome | Market | Model | Why |
|---|---|---|---|
| SpaceX | 87% | 1% | The analysis shifts the initial market logits of 1.8153 by a Grade A evidence weight of 2.0, reflecting overwhelming financial performance (~$8B 2025 profit) and Starlink's business maturity, which decisively outweighs the bilateral conflict of execution risks already priced in by the market. |
| Databricks | 46% | 45% | Market higher by 1.0pp |
| Discord | 96% | 0.9% | The analysis confirms an exceptionally strong IPO market but applies a negative logit-shift because the market's near-certainty (95.5%) fails to adequately price the non-trivial risk of Discord's internal strategic decision to remain private. |
| Anthropic | 65% | 64% | Market higher by 1.0pp |
| OpenAI | 54% | 0.2% | The market's 55.5% probability correctly identifies the conflict between capital need and CEO philosophy but is overcome by our Grade B evidence that Sam Altman's unique influence and mission-driven opposition to public market structures represent a fundamental barrier, justifying a significant negative logit-shift. |
Current Context
Current discussions highlight surging interest in upcoming Initial Public Offerings. People are actively debating which companies will officially announce an IPO before 2027, with a particular focus on the 2026 calendar, especially high-profile technology and fintech firms, their valuations, market readiness, and broader economic conditions. In the last seven days, several key developments occurred: Once Upon a Farm has a scheduled pricing for February 6, 2026, while Forgent Power Solutions Inc. (FPS), Bob's Discount Furniture, Inc. (BOBS), Eikon Therapeutics (EIKN), and QDRO Acquisition Corp. (QADRO) are expected to begin trading on February 5, 2026. AgomAb Therapeutics (AGMB) and Liftoff Mobile (LFTO) are set to trade on February 6, 2026,. Recently, Forgent Power Solutions priced its IPO at $27 per share and Bob's Discount Furniture at $17 per share on February 5, 2026, following Veradermics, Inc. (MANE) and Colombier Acquisition Corp. III (CLBR U) pricing their IPOs on February 4, 2026,. OpenAI is reportedly preparing for a potential late-2026 or early-2027 IPO with speculated valuations between $830 billion and $1 trillion, despite CEO Sam Altman's expressed lack of enthusiasm for taking the company public. SpaceX is also widely expected to pursue an IPO, with recent private market activity valuing the company around $800 billion, and Elon Musk has confirmed reports suggesting a 2026 debut. Prediction markets indicate a 98% probability for IPOs before 2027, reflecting sustained trader interest in AI and space leaders.
Investors meticulously assess potential IPOs using comprehensive financial and operational data. Key data points include financial health, looking for consistent annual revenue growth (ideally 30%+ for late-stage companies), healthy profit margins, positive operational cash flow, and manageable debt. Metrics such as Annual Recurring Revenue (ARR), Net Revenue Retention (targeting 120%+), Customer Lifetime Value (CLTV), and revenue concentration (top 10 customers ideally less than 30% of revenue) are crucial,,,,,. Unit economics are scrutinized for Customer Acquisition Cost (CAC) to Lifetime Value (LTV) ratios of 3:1 or better, and gross margins of 75%+ are generally sought after for software companies. Valuation trends, including historical funding rounds, investor quality, and comparisons to publicly traded competitors, are vital. The management team's track record, founder involvement, employee culture, and a company's sustainable competitive advantage are also important. Transparency regarding potential IPO timelines, regulatory approvals, and overall company readiness is highly desired,,,,,. Experts hold varied but generally optimistic views, with Renaissance Capital predicting a 2026 IPO market rebound with 200 to 230 IPOs raising $40 to $60 billion, driven by larger issuers. Goldman Sachs Research forecasts a rise in IPOs and dealmaking as a key 2026 investment theme,. Crunchbase anticipates gaining momentum in 2026 due to improved public-market conditions, stable interest rates, and renewed investor interest in growth companies. Analysts are closely watching companies like Discord and Plaid as likely IPO candidates for 2026, contingent on favorable conditions, continued revenue growth, and product diversification,. Concerns persist regarding the high valuations of AI startups, with experts debating whether the current AI rally signals a market bubble or sustained investor appetite.
A substantial pipeline of companies anticipates going public, alongside investor concerns. Several companies are on the IPO watchlist with potential timelines before 2027. In Q1 2026, Pershing Square Capital Management is expected to list, and Kraken is positioned for a possible listing following a confidential filing,. Discord filed confidential paperwork for an IPO that could occur as early as March 2026,. Consensys is moving towards a public listing that could happen in mid-2026,, while SpaceX has an expected IPO date in late 2026, with some reports citing July 2026,. OpenAI, Anthropic, and Canva are all eyeing late 2026 or 2027 for their potential public debuts,. Throughout 2026, Databricks, Stripe, Revolut, Monzo, Crusoe Energy Systems, and Anduril are consistently mentioned as likely IPO candidates,,,,. Potential investors and the broader market frequently raise concerns about valuation accuracy, especially for AI companies with limited revenue, given the absence of transparent market pricing before an IPO,,,,. Other common concerns include liquidity and the impact of lock-up periods, the higher inherent risk of investing in private, often early-stage companies, and the challenges of due diligence due to limited financial and operational data,,,. Worries about ownership dilution from additional funding rounds, the unpredictable nature of market volatility, and the balance between rapid investment for growth and achieving long-term profitability, particularly in the AI sector, are also prevalent. Investors are also keen to understand the specific and long-term plans for utilizing IPO proceeds,,,.
2. Market Behavior & Price Dynamics
Historical Price (Probability)
Outcome probability
Date
This prediction market, tracking the likelihood of a SpaceX IPO announcement before 2027, has demonstrated a prolonged sideways trend, indicating a stable and high conviction among traders. The price has consistently traded within a 20-point range, from a support level of approximately 70% to a resistance level around 90%. This defined channel suggests that for most of the market's history, participants have viewed the outcome as highly probable but have also been hesitant to push the probability above 90%. The current price of 85% sits firmly in the upper end of this historical range, reflecting a strong and sustained bullish consensus on the likelihood of an IPO announcement.
The most notable event in the chart's history is the decisive 9.0 percentage point spike on February 02, 2026, which saw the price leap from 78.0% to 87.0%. This significant upward movement was not random but a direct market reaction to the official announcement of a merger between SpaceX and xAI. Traders interpreted this corporate consolidation as a material event, substantially increasing the odds of an IPO before the 2027 deadline. The market's logic appears to be that the merger either streamlines the corporate structure in preparation for going public or creates a more attractive entity for investors, thus accelerating the timeline for a public offering.
The total trading volume of 124,142 contracts indicates that this is a liquid market with significant participant interest and capital at stake. A sharp price movement, such as the one observed, is typically accompanied by a surge in volume, which signals strong conviction behind the re-evaluation of the IPO's probability. In aggregate, the price action and volume patterns paint a picture of a market with a strong and unwavering belief in a SpaceX IPO. The market sentiment is clearly bullish, and it has proven highly responsive to fundamental news that directly impacts the company's strategic path toward the public markets.
3. Significant Price Movements
Notable price changes detected in the chart, along with research into what caused each movement.
Outcome: Databricks
📉 February 04, 2026: 9.0pp drop
Price decreased from 54.0% to 45.0%
What happened: The primary driver of Databricks' 9.0 percentage point price drop in the "Which Companies will officially announce an IPO before 2027?" prediction market on February 4, 2026, was a reinforced market sentiment against a near-term IPO for the company. On that date, an MLQ.ai report indicated that Databricks' market showed "96% no IPO by June 30, 2026", directly reflecting the market's strong belief against a first-half 2026 public offering. This sentiment likely stemmed from the continued absence of an official IPO filing, despite previous speculation of an early 2026 debut, coupled with Databricks' ongoing success in securing substantial private funding, which reduced the immediate need for a public listing. Social media activity was largely irrelevant in driving this specific price movement.
Outcome: SpaceX
📈 February 02, 2026: 9.0pp spike
Price increased from 78.0% to 87.0%
What happened: The primary driver of the 9.0 percentage point spike in the "SpaceX" outcome for the "Which Companies will officially announce an IPO before 2027?" prediction market on February 02, 2026, was the official announcement of the merger between SpaceX and Elon Musk's AI company, xAI. On that day, multiple news outlets reported that SpaceX acquired xAI, forming a combined entity reportedly valued at $1.25 trillion ahead of a planned IPO, with Elon Musk confirming the deal in a SpaceX blog post highlighting a vision for space-based AI data centers. This significant corporate action, directly involving a key figure, solidified the likelihood and increased the projected valuation of a SpaceX IPO, causing the price movement to coincide with the news.
Outcome: OpenAI
📉 January 31, 2026: 14.0pp drop
Price decreased from 66.0% to 52.0%
What happened: The primary driver of the 14.0 percentage point drop in the "OpenAI" prediction market on January 31, 2026, was traditional news reports highlighting OpenAI's significant financial challenges and intensifying competitive landscape. Reports, citing The Wall Street Journal, indicated that despite accelerating IPO preparations for late 2026, OpenAI faced massive annual cash burn, was not projected to be profitable until 2030, and sought a colossal $100 billion funding round, amidst increasing competition and a reported decline in ChatGPT's market share. These factors collectively created skepticism regarding the likelihood and viability of an OpenAI IPO before 2027, directly coinciding with the price movement reflecting 58% odds of no IPO by year-end 2026. Social media was: (c) mostly noise.
📉 January 30, 2026: 11.0pp drop
Price decreased from 66.0% to 55.0%
What happened: The primary driver of the 11.0 percentage point drop in the "OpenAI" outcome for the "Which Companies will officially announce an IPO before 2027?" market on January 30, 2026, was the emergence of traditional news reports about significant private fundraising. Specifically, reports circulated on January 29-30, 2026, indicating Amazon was in talks to invest up to $50 billion in OpenAI, as part of a larger $100 billion funding round. This substantial influx of private capital likely decreased the immediate necessity for OpenAI to pursue a public offering before 2027, thereby reducing the market's prediction of an IPO within that timeframe. While previous statements from CEO Sam Altman about his reluctance for an IPO were known, this new funding news provided a concrete and timely reason for the price movement, with social media activity mainly amplifying these traditional news developments. Social media, in this instance, was a contributing accelerant, not the primary driver.
📈 January 29, 2026: 26.0pp spike
Price increased from 32.0% to 58.0%
What happened: The primary driver of the 26.0 percentage point spike in OpenAI's prediction market price on January 29, 2026, was breaking news from major financial outlets reporting the company's intensified IPO preparations. Specifically, the Wall Street Journal published a report on January 29, 2026, stating that OpenAI was holding informal talks with Wall Street lenders about a potential public listing by the fourth quarter of 2026 and was actively expanding its finance team. This news coincided with multiple reports detailing discussions for a massive funding round, potentially raising up to $100 billion at an $830 billion valuation, with major tech companies like Amazon, SoftBank, Nvidia, and Microsoft involved. Social media activity likely served as a contributing accelerant, amplifying these traditional news reports rather than originating the movement.
4. Market Data
Contract Snapshot
Based on the provided page content, there are no contract rules, resolution triggers, key dates/deadlines, or special settlement conditions available. The content only displays the market title: "Which Companies will officially announce an IPO 2026? Odds & Predictions" and navigational links.
Available Contracts
Market options and current pricing
| Outcome bucket | Yes (price) | No (price) | Implied probability |
|---|---|---|---|
| Discord | $0.96 | $0.05 | 96% |
| Jersey Mike's | $0.94 | $0.12 | 94% |
| Cerebras | $0.90 | $0.14 | 90% |
| SpaceX | $0.87 | $0.14 | 87% |
| Kraken | $0.85 | $0.20 | 85% |
| Anthropic | $0.65 | $0.39 | 65% |
| Deel | $0.59 | $0.48 | 59% |
| OpenAI | $0.54 | $0.47 | 54% |
| Anduril | $0.46 | $0.57 | 46% |
| Databricks | $0.46 | $0.57 | 46% |
| Plaid | $0.39 | $0.65 | 39% |
| Skims | $0.36 | $0.69 | 36% |
| Applied Intuition | $0.35 | $0.74 | 35% |
| Airwallex | $0.28 | $0.76 | 28% |
| Rippling | $0.27 | $0.79 | 27% |
| Shein | $0.27 | $0.77 | 27% |
| Stripe | $0.26 | $0.76 | 26% |
| Glean | $0.24 | $0.82 | 24% |
| Celonis | $0.21 | $0.86 | 21% |
| Ramp | $0.21 | $0.80 | 21% |
| Ripple Labs | $0.20 | $0.85 | 20% |
| Vanta | $0.16 | $0.92 | 16% |
| Anysphere (Cursor) | $0.15 | $0.88 | 15% |
| Beast Industries | $0.15 | $0.87 | 15% |
| Mistral AI | $0.15 | $0.93 | 15% |
| Brex | $0.04 | $0.97 | 4% |
| xAI | $0.03 | $0.99 | 3% |
Market Discussion
Discussions surrounding potential IPOs before 2027 widely anticipate a surge in public listings, with prediction markets showing strong conviction for companies like Discord, Cerebras, and SpaceX as near-certain 2026 candidates . Key players frequently debated include data and AI firms such as Databricks, Anthropic, and OpenAI, with their substantial growth and capital needs driving expectations for a public debut, though some, like OpenAI, have mixed views on immediate listing versus 2027 . Other notable companies like Anduril, Canva, Stripe, Deel, Revolut, Monzo, Kraken, and Consensys are also frequently mentioned as strong contenders, with their IPO timing often dependent on market conditions and internal strategies.
5. What Are SpaceX and OpenAI's Latest IPO Readiness Signals?
| SpaceX Lead Underwriters | Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley |
|---|---|
| OpenAI Credit Facility | $4 billion established with major banks |
| SpaceX (w/xAI) Target Valuation | $1.0 trillion - $1.5 trillion (post-merger) |
SpaceX and OpenAI actively engage bulge-bracket banks for anticipated IPOs. SpaceX has formalized relationships with Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley for its anticipated public offering in 2026, with Morgan Stanley emerging as the frontrunner for the lead underwriting role due to historical ties with Elon Musk. OpenAI, also preparing for a projected 2026 public offering and a $60 billion+ capital raise, has not yet named a lead underwriter but has established deep connections through a new $4 billion credit facility involving Goldman Sachs, Morgan Stanley, and JPMorgan Chase, signaling future underwriting intentions.
Strategic hires and actions underscore both companies' significant IPO readiness. OpenAI has significantly built its IPO-ready leadership team with key appointments, including Sarah Friar (former CFO of Square/Block) as CFO, Ajmere Dale as CAO, and Cynthia Gaylor as CBFO. Additionally, the company engaged Silicon Valley law firm Wilson Sonsini Goodrich & Rosati in December 2025 for legal counsel, a definitive step towards public market preparations. SpaceX's primary signal for IPO readiness is its monumental merger of xAI with SpaceX, completed in February 2026, which creates a combined entity valued at approximately $1.25 trillion and streamlines the corporate structure for public scrutiny. These anticipated IPOs are monumental, with SpaceX (post-xAI merger) aiming for a valuation of around $1.25 trillion, and OpenAI projecting a valuation between $830 billion and $1.0 trillion. These offerings are expected to be defining events for capital markets in 2026, fostering intense competition among investment banks for lead mandates.
6. What Factors Influence Unicorn Valuations and IPO Prospects?
| Anthropic Secondary Premium | ~+90% over Series F (Sep 2025) |
|---|---|
| Average Unicorn Discount (Q3 2025) | ~29% (EquityZen) |
| Databricks Q4 2025 Valuation | ~$134 billion (Parity with primary) |
The private secondary market exhibits a significant valuation split as of Q4 2025, reflecting a clear "flight to quality." Top-tier, category-defining companies, particularly within the Artificial Intelligence (AI) and Fintech sectors, are frequently trading at substantial premiums, ranging from 10% to 90% above their most recent primary funding valuations. This trend stands in stark contrast to the broader private unicorn market, where the average company continues to experience a significant valuation discount, with EquityZen reporting an average discount of approximately 29% in Q3 2025.
Macroeconomic factors and AI sentiment drive valuation discrepancies across private markets. The sustained high interest rate environment throughout 2024 and 2025 has generally exerted downward pressure on valuations by increasing discount rates applied to future profits. Simultaneously, a concentrated investor demand for a select few perceived generational technology shifts has fueled intense bidding wars for elite companies, such as Anthropic and Databricks, thereby pushing their secondary valuations to premium or parity levels compared to their last primary rounds.
Strong secondary market performance often signals readiness for public offerings. The prevailing market narrative around AI acts as a potent valuation multiplier, positioning companies with credible AI stories at a distinct advantage. A robust secondary market, especially one demonstrating valuations at or above the last primary funding round, is considered a strong indicator of a company's readiness for an Initial Public Offering (IPO). Companies like Stripe and Databricks, achieving valuation parity, are therefore considered high-probability IPO candidates by 2027, as their strong secondary market performance effectively de-risks potential valuation concerns for public market investors.
7. What Does IPO-QQQ Performance Spread Signal for Mega-Cap Tech IPOs?
| 6-Month Trailing Performance Spread | ~ -9.1% (IPO - QQQ) |
|---|---|
| Q4 2025 Performance Spread | -10.32% (IPO - QQQ) |
| IPO ETF Q4 2025 Daily Volatility | 1.9% (vs. SPY 0.8%) |
The Renaissance IPO ETF (IPO) significantly underperformed QQQ, signaling selective investor risk-taking. For the trailing six-month period ending in early Q1 2026, the IPO ETF, which tracks recent high-growth public companies, materially underperformed the Invesco QQQ Trust (QQQ), which tracks established large-cap Nasdaq-100 companies. This divergence is evidenced by a six-month trailing return spread of approximately -9.1 percentage points (IPO minus QQQ). Furthermore, the Q4 2025 spread exceeded -10 percentage points. This performance disparity indicates nuanced investor sentiment, leaning towards selective risk-taking rather than a broad-based 'risk-on' environment.
The performance gap stems from compositional differences and market scrutiny regarding profitability. This persistent divergence is attributed to the inherent compositional differences between the ETFs, a broadening market rally shifting investor focus away from speculative growth, and heightened scrutiny on company valuations and profitability. The QQQ benefits from its constituents' established market power and earnings, whereas IPO holdings often feature high-growth companies with low or no profitability, making them subject to higher volatility. This market environment signals that investors prioritize growth backed by strong fundamentals, confirming that the observed -9.1% performance spread indicates a market not in a conventional, broad-based 'risk-on' phase, thereby posing challenges for new high-growth IPOs.
Mega-cap tech IPOs face significant headwinds despite potential tailwinds from AI innovation. For mega-cap technology IPOs before 2027, the current environment presents substantial challenges, including high entry barriers set by incumbent mega-caps and negative signals from the underperforming IPO ETF. Investors are demanding scalable business models, strong fundamentals, and clear pathways to commercialization from new entrants, moving beyond simply investing in narratives like AI. While anticipated Federal Reserve rate cuts in 2026 and an immense appetite for true, transformative AI innovation could provide tailwinds, successful IPOs will likely require demonstrated profitability, a 'must-have' technology, and reasonable valuations to navigate this discerning market.
8. What Disclosure Challenges Face AI and Government Contractors' IPOs?
| IAC AI Disclosure Recommendations | December 4, 2025 |
|---|---|
| SEC AI Enforcement Actions | Throughout 2025 (e.g., Presto Automation, DocGo) |
| Fortune 500 AI Discussions in 10-Ks | 84% in 2025 10-Ks |
The SEC is developing a de facto AI disclosure regime through various actions. While the SEC has not issued formal rules for AI disclosure, a practical regime is rapidly emerging, driven by existing materiality principles, influential Investor Advisory Committee (IAC) recommendations, and proactive enforcement actions. The IAC's December 4, 2025, recommendations serve as a critical blueprint, urging companies to disclose their specific definition of AI, the board's oversight mechanisms, and the material impacts of AI on operations. Simultaneously, the SEC initiated several high-profile enforcement actions throughout 2025 against 'AI washing,' establishing a clear precedent that all AI-related claims in registration statements must be verifiable and substantiated.
Government contracts introduce complex, parallel AI disclosure requirements and compliance burdens. A separate disclosure regime for government contractors has been established through OMB memos from April 3, 2025, and December 11, 2025, and the FY 2026 National Defense Authorization Act (NDAA). These mandates require extensive transparency, documentation, and bias mitigation for AI used in federal contracts, creating significant compliance obligations and material risks. Consequently, S-1 comment letters are becoming highly specific, demanding not only substantiation of AI claims but also detailed compliance with these intricate federal mandates. This evolving landscape is projected to extend IPO timelines by 3-6 months and substantially increase costs for AI-centric and government-contracting firms, necessitating comprehensive pre-IPO audits, governance implementation, and rigorous S-1 drafting.
9. What Liquidity Pressures Drive SpaceX and OpenAI IPO Timelines?
| SpaceX Current Valuation | ~$800 billion (December 2025) |
|---|---|
| Max Employee Stock Option Term | 10 years |
| Sequoia Capital Fund Type | Open-ended, evergreen since Oct 2021 |
Employee stock option expiration creates significant liquidity pressure for SpaceX, accelerating its IPO timeline. A significant volume of pre-2018 employee stock option grants, held by long-tenured employees, are approaching their 10-year expiration dates. This situation necessitates a comprehensive liquidity solution that current company-sponsored buyback programs only partially address. Resolving this is crucial for talent retention and enabling valuable employees to convert substantial paper wealth into tangible assets.
Venture capital fund expiration deadlines exert less pressure due to innovative fund structures. The influence of these deadlines on an accelerated IPO is considerably weaker for top-tier VC firms. These firms have adopted structural innovations, such as continuation funds or, in Sequoia Capital's case, a complete shift to an open-ended, evergreen fund model in October 2021. This allows them to hold valuable assets like SpaceX for longer periods, prioritizing maximized returns, potentially from an $800 billion valuation, over adherence to rigid fund end-of-life schedules.
OpenAI experiences less immediate liquidity pressure compared to SpaceX. As a younger company with more recent funding rounds and a flexible equity approach, OpenAI faces fewer immediate challenges from the specific internal liquidity factors that are pressing on SpaceX.
10. What Could Change the Odds
Key Catalysts
The market for Initial Public Offerings (IPOs) in 2026 is poised for a significant rebound, driven by several bullish catalysts. Anticipated interest rate cuts and moderating inflation are expected to stimulate U.S. public market activity, with the Federal Reserve continuing its measured rate-cutting cycle. This favorable macroeconomic environment, coupled with improving public market conditions and a renewed investor appetite for growth, sets the stage for a wider reopening of the listing window. Hundreds of late-stage private companies, including over 800 unicorns, enter 2026 with stronger balance sheets and clearer paths to profitability, creating a robust IPO pipeline. Additionally, expected regulatory deregulation by the SEC, particularly scaling rules to company size, could encourage more companies to go public by lowering costs and friction. Deferred IPOs from 2025 due to a U.S. government shutdown are also expected to meaningfully increase activity in the first half of 2026, with strong sectoral interest noted in AI infrastructure and energy transition.
Despite the optimistic outlook, several bearish catalysts could temper IPO activity. Global economic uncertainty, including interest rate volatility, crude oil price fluctuations, fiscal deficit concerns, and geopolitical tensions, could dampen market sentiment. The IPO market remains highly selective, with investors prioritizing companies demonstrating stable, positive cash flow and strong operating discipline. The weak initial performance of some recent IPOs, such as York Space Systems, indicates fragile market optimism that could be further tested if major upcoming IPOs falter. Furthermore, even highly anticipated sectors like AI face scrutiny over profitability, intense competition, and rising operational costs for potential mega-IPOs like OpenAI. Regulatory headwinds and protracted processes, exemplified by Shein facing delays, also pose significant risks to IPO timelines.
Key Dates & Catalysts
- Expiration: January 08, 2027
- Closes: January 01, 2027
11. Decision-Flipping Events
- Trigger: The market for Initial Public Offerings (IPOs) in 2026 is poised for a significant rebound, driven by several bullish catalysts.
- Trigger: Anticipated interest rate cuts and moderating inflation are expected to stimulate U.S.
- Trigger: Public market activity, with the Federal Reserve continuing its measured rate-cutting cycle [^] .
- Trigger: This favorable macroeconomic environment, coupled with improving public market conditions and a renewed investor appetite for growth, sets the stage for a wider reopening of the listing window.
13. Historical Resolutions
Historical Resolutions: 26 markets in this series
Outcomes: 3 resolved YES, 23 resolved NO
Recent resolutions:
- KXIPO-25-BEAS: NO (Jan 01, 2026)
- KXIPO-26-MEDLINE: YES (Dec 19, 2025)
- KXIPO-25-KRAK: NO (Jan 01, 2026)
- KXIPO-25-MED: YES (Dec 19, 2025)
- KXIPO-25-CELONIS: NO (Jan 01, 2026)
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