Several firms that had planned U.S. initial public offerings in 2026 have either cut the size of their deals, delayed listings or withdrawn plans as market volatility, closer inspection of valuations and disappointing peer performance weigh on investor demand.
Goldman Sachs analysts said earlier this month they expect the number of IPOs to double to 120 this year, but they also noted that a selloff in software stocks has highlighted valuation risks. In recent weeks, companies from different corners of the market have reacted to that environment by adjusting or pausing their U.S. listing plans while they wait for calmer market conditions and clearer investor appetite.
Clear Street
Wall Street broker Clear Street postponed its U.S. IPO on Thursday, citing "market conditions." The New York-based firm had already slashed the fundraising target for the offering by 65% just hours before the postponement, and this marks the company's second delayed listing this month. Company officials said they intend to reconsider a listing at a later time, effectively pausing their U.S. public debut until volatility subsides.
Agibank
Brazilian fintech Agibank moved forward with a substantially downsized U.S. listing. The Sao Paulo-based company raised $240 million after reducing both the proposed deal size and the price range sharply. Agibank sold 20 million shares at $12 apiece; the company had previously offered roughly 43.6 million shares with a price range between $15 and $18 per share. The stock debuted on Wednesday and by Thursday's close was down nearly 15% from the offer price.
Liftoff Mobile
Blackstone-backed Liftoff Mobile, a mobile app marketing provider, filed to withdraw its planned initial public offering in the United States after a broader rout in software stocks dampened investor enthusiasm for new listings. Earlier in the month the company had postponed its planned offering, citing "current market conditions." Liftoff had been seeking to raise as much as $762 million before stepping back.
Across these examples, issuers cited market conditions and investor caution as the primary reasons for pausing or shrinking their U.S. IPO plans. The moves reflect heightened scrutiny of aggressive pricing and lofty valuations, particularly in sectors sensitive to software stock performance and broader funding sentiment.
Contextual note - Company actions include postponements, deal-size reductions and outright withdrawals as they await less volatile market conditions and clearer signals from investors regarding pricing and valuation expectations.