Last updated: October 31, 2026. Every IPO filing Partner Grow has broken down, in one place. Each row shows the valuation, latest revenue, growth and profitability from the filing, with a link to the full teardown.
Quick summary
Biggest filing of 2026: SpaceX, targeting up to $1.75T on $18.7B of revenue.
Fastest growth: Nscale, with first half revenue up 1,252%, but a negative 35% gross margin.
Profitable on a GAAP basis: Entrata ($50.7M net income) and Jersey Mike's ($55M).
Still losing money: Nscale, Cumberland Farms, Lime, Motive and Z.ai.
2026 IPO filings
Company | Listing | Valuation | Revenue | Growth | Profitability | Breakdown |
|---|---|---|---|---|---|---|
Nscale | NYSE: NSCL | ~$35B reported | $140.6M (first half) | +1,252% | Gross margin negative 35%, net loss $1.02B | |
Oura | Nasdaq: OURA | $16B reported | $1.4B | +74% | Net income $61M, but a $924M net loss to common | |
Cumberland Farms | Nasdaq: CMBY | ~$9B | $16.3B | Down 4% | Adj. EBITDA $693M, net loss $145M | |
Jersey Mike's | NYSE: JMKE | ~$12B whisper | $724M | Systemwide sales +13% | 47% adj. EBITDA margin, net income $55M | |
Lime | Nasdaq: LIME | ~$1.8B | $886.7M | Up from $522M in 2023 | Adj. EBITDA $218.1M, net loss $59.3M | |
Bending Spoons | Nasdaq: BSP | $11B last private mark | $1.31B | Up from $387M in 2023 | 47% adj. operating margin, $4.36B debt | |
Entrata | NYSE: ENT | $4.3B | $509M | +24% | GAAP net income $50.7M, 117% net retention | |
Unitree Robotics | Shanghai STAR | ~$5.8B | RMB 1.71B | +335% | Adj. net profit RMB 600M, 60% gross margin | |
SpaceX | S1 filed | Up to $1.75T | $18.7B (FY2025) | n/a | Starlink segment margin 63% | |
PayPay | Nasdaq: PAYP | Raised $879.8M at $16 per ADR | ¥299.1B (FY Mar 2025) | +17.5% | 72M registered users | |
BitGo | Filed | n/a | $3.1B (2024) | +233% | Profitable in 2024, $104B assets on platform | |
Z.ai (Zhipu AI) | Filed | n/a | n/a | 130%+ CAGR, 2022 to 2024 | Net loss RMB 2.96B in 2024 | |
Motive | Filed | n/a | $501M ARR | +28% | Net loss $153M in 2024 |
Valuations are the reported target or last private mark at the time of the teardown. Revenue is the latest full year in the filing unless noted.
2025 IPOs
Company | Headline numbers | Breakdown |
|---|---|---|
Medline | $55B valuation, $25.5B revenue (2024), Medline Brand drives 84% of EBITDA | |
Wealthfront | $308.9M revenue up 43%, 46% adj. EBITDA margin, $88.2B platform assets | |
Navan | $537M revenue up 33%, $7.6B gross bookings, gross margin 68% | |
Gemini | $142.2M revenue (2024), $282.5M net loss in 1H 2025 | |
Lenskart | ₹6,652 crore revenue, 33% two year CAGR, ₹371 crore profit | |
Figma | $912M ARR, 88% gross margin, 132% net dollar retention | |
Chime | $1.64B revenue up 31%, 8.6M active members | |
Circle | $1.68B revenue up 16%, $43.9B USDC in circulation | |
eToro | $931M commissions up 46%, net income $192M | |
Hinge Health | $390M revenue up 33%, 77% gross margin, 117% net retention | |
StubHub | $1.77B revenue, $8.7B ticket sales up 27%, 20.4% take rate | |
Klarna | $115B annual volume, 675K merchants, $15B to $20B IPO target | |
CoreWeave | $1.9B revenue up 737%, $15.1B backlog, $863M net loss |
Earlier IPOs
Company | Headline numbers | Breakdown |
|---|---|---|
Swiggy | Raised ₹11,327 crore, FY24 revenue up 36% | |
Priced at $34, up 48% on day one, $810M revenue (2023) | ||
Robinhood | Listed at $38, $1.87B revenue (2023), net loss $541M | |
Coinbase | $1.3B revenue (2020), $322M net income, $86B day one market cap |
FAQ
What is the biggest IPO of 2026?
SpaceX, which filed its S1 targeting a valuation of up to $1.75 trillion. It reported $18.7B of revenue in fiscal 2025, with Starlink at 10.3M subscribers. Read the SpaceX breakdown.
Which 2026 IPO filings are profitable?
Entrata reported $50.7M of GAAP net income and Jersey Mike's $55M. Oura posted $61M of net income, though $924M of losses fell to common shareholders. Bending Spoons flipped to $27.5M of net income in Q1 2026, and Unitree reported RMB 600M of adjusted net profit.
Which 2026 IPO filings are growing fastest?
Nscale (revenue up 1,252%), Unitree (up 335%) and BitGo (up 233% in 2024). Oura grew 74% at a much larger base of $1.4B.
What is an S1?
An S1 is the registration statement a US company files with the SEC before an IPO. It discloses revenue, margins, risks and ownership. Foreign companies file an F1 instead, as Bending Spoons did.
How often is this tracker updated?
Every time a new teardown is published, usually weekly. For M&A deals, see the latest acquisition breakdowns like Salesforce and Braze and Stripe and OpenRouter.
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