Revolut Valued at $115 Billion and a Record-Breaking Deal in Asia: Key Takeaways on IPOs as of July 26

UK-based Revolut has launched a new round of secondary employee stock sales at a company valuation of $115 billion, continuing its preparations for an IPO. Chinese AI lab Moonshot AI is preparing for its final funding round ahead of its IPO in Hong Kong, hoping to increase its valuation from $31.5 billion to $50 billion on the back of the success of its Kimi K3 model. The American brand Reformation is also preparing for an IPO, aiming for a valuation of around $1 billion. Check out our roundup of the week’s top events in the initial public offering market.

— Anthropic is considering requiring all employees to sell shares after the IPO only through pre-approved 10b5-1 trading plans in order to reduce the risk of insider trading, The Information reports, citing sources. Typically, such mechanisms are used only by top executives and employees in the finance and legal departments, the publication noted. The company is also discussing the number of shares that existing shareholders will be able to sell on the first day of trading, as well as the duration of the lock-up period. However, a final decision has not yet been made.

— The American brand Reformation has decided to go public in the U.S. by offering approximately 14 million shares at a price of $15–17 per share, according to documents filed with the U.S. Securities and Exchange Commission (SEC). At the upper end of the range, the company will be valued at approximately $1 billion, and the offering could take place on July 29, Bloomberg reports. Founded in 2009, Reformation specializes in women’s clothing and focuses on sustainable manufacturing, local supply chains, and direct online sales: In 2025, approximately 90% of revenue came from its own sales channels—the online store and company-owned retail locations—and the number of active customers exceeded 1.1 million. In the first quarter, the company increased revenue by 30% year-over-year to $112.3 million, but its net loss more than doubled to $12.1 million.

— Chinese AI lab Moonshot AI will begin negotiations in August for its final round of funding ahead of an IPO in Hong Kong, hoping to raise its valuation from the current $31.5 billion to $50 billion, Bloomberg reports, citing sources. Investor interest has been fueled by the launch of the open-source Kimi K3 model, which the company describes as comparable to Anthropic’s cutting-edge developments and, according to Artificial Analysis, second only to the most powerful AI models. According to the agency, Moonshot’s annual recurring revenue—a key indicator of future sales—reached $300 million in June, and daily sales have increased at least sixfold since the release of K3. The IPO in Hong Kong could take place as early as this year.

— British fintech company Revolut has launched a new round of secondary sales of employee shares, valuing the company at $115 billion—53% higher than the $75 billion valuation in November. According to Bloomberg, each share in the deal is valued at $2,017. CEO Nick Storonsky attributed the high demand to the company’s financial results and international expansion. Meanwhile, Revolut continues to prepare for an IPO: the company expects to eventually reach a valuation of up to $200 billion, and Storonsky himself has previously stated that an IPO is not planned until at least 2028 and that several more secondary share offerings will take place before then.

— Shares of Scribe Therapeutics, a company that develops DNA-based treatments for heart disease, rose 44% during its debut on the Nasdaq on July 24. Scribe, whose founders include Nobel Prize winner Jennifer Dowdna, is exploring the potential of gene editing to treat cardiovascular and metabolic diseases, primarily atherosclerotic conditions. This technology allows for the modification of a living organism’s DNA. Pharmaceutical giant Eli Lilly is among Scribe’s shareholders.

— Chinese memory chip maker CXMT raised 57.9 billion yuan ($8.6 billion) in Asia’s largest IPO so far this year, according to Reuters. If the over-allotment option is fully exercised, the total proceeds could rise to 66.6 billion yuan. The IPO values CXMT at approximately $86 billion—about one-tenth of the market capitalization of rival SK Hynix—which, according to analysts, leaves room for further stock growth, Bloomberg notes. The company will use the proceeds to expand production, fund research and development, and replenish working capital. Trading in CXMT shares on the Shanghai Stock Exchange will begin on July 27.

— Shares of SBI Funds Management, India’s largest asset management firm, briefly dipped below the offering price four days after its IPO, indicating weak demand in the secondary market, according to Bloomberg. The $1 billion offering was the country’s largest IPO this year, but the shares closed their debut trading session just 6.2% above the offering price, instead of the expected gain of about 15%. Against the backdrop of a declining Indian market and rising oil prices, investor interest in new offerings in the country is waning: Indo-MIM has already lowered its IPO price, and Manipal Health also plans to go public at a lower valuation, the agency notes.

— The tech IPO market is entering a “golden age” as a wide range of companies—from AI developers to players in the data center, energy infrastructure, robotics, defense technology, and space,” said Jamie Turturici, head of Barclays’ TMT ECM division, according to Bloomberg. According to him, the number of potential offerings is at its highest level in more than six years and is likely to exceed last year’s figure this year, when 16 tech IPOs took place. He also believes the market is capable of absorbing a new wave of IPOs thanks to record global equity market capitalization, high liquidity, and strong investor demand for high-quality private companies.

— Biotech companies have become the main drivers of the U.S. IPO market, outperforming the AI sector in terms of returns, according to Bloomberg: The weighted average return on biotech IPOs this year reached 55%, while the broader IPO market posted a loss of 4.4%. This growth was driven by strong clinical trial results, M&A activity by major pharmaceutical companies, and capital inflows into the sector. Since the start of the year, biotech companies have already raised more than $5 billion, including the industry’s largest-ever IPO by Parabilis Medicines, and the number of offerings has exceeded last year’s total. Against this backdrop, investment bankers are preparing a new wave of summer IPOs, while many major IPOs by AI companies have shown weak performance since their debut, the agency notes.

— Google reported that, following SpaceX’s IPO, the value of its stake in the space company reached $94.1 billion, according to Bloomberg. Of this amount, $80 billion worth of shares are subject to short-term selling restrictions, and another $14.1 billion worth of shares cannot be sold until at least the third quarter of next year. In addition, Alphabet owns a stake in the AI startup Anthropic, which is preparing for an IPO this year. Thanks to the rise in the value of its investment portfolio, the company recorded nearly $100 billion in unrealized gains in the second quarter, which bolstered its net income.

This article was AI-translated and verified by a human editor