Robinhood, Revolut, and a "perpetual bear" warning: What's important about IPOs by Feb. 22

Robinhood is set to float a fund on the New York Stock Exchange to invest in Revolut and other non-public startups. Maya, a Philippine neobank, may list in the U.S. for $1 billion. Wall Street's "eternal bear" fund Jeremy Grantham warned of the risk of a U.S. stock market collapse due to the upcoming mega-placements in 2026. The main events on the IPO market for the week are in our selection.

- Robinhood Markets, the operator of a popular platform for trading stocks and cryptocurrencies, has decided to create and bring to the New York Stock Exchange a fund for investing in large non-public companies. Robinhood Ventures Fund I securities under the ticker RVI are scheduled to begin trading on February 26. As part of the IPO, clients will be able to request shares of the fund through Robinhood at a guide price of $25 apiece. The new tool will give retail investors access to startups such as Airwallex, Boom, Databricks, Mercor, Oura, Ramp and Revolut. The platform promises to make investments available to everyone, with no entry thresholds or success fees. Over time, Robinhood plans to add other assets to the portfolio, including Stripe stocks.

- Mobile advertising platform Liftoff Mobile has re-filed for an IPO. This comes less than two weeks after the listing was canceled for $762 million. The parameters of the future offering, including the number of shares and price range, have not yet been determined. The company suspended the offering after the start of the "software apocalypse" - a large-scale sell-off of securities in the technology sector. Liftoff's main competitors have also suffered: AppLovin's shares have plummeted by 39% since the beginning of 2026, and Unity Software's stock price has collapsed by 58%.

- India's largest management company SBI Funds Management intends to hold an IPO for $1.5 billion in the first half of March, according to Bloomberg sources. Such volume of offering will be a record for this sector in the country. The target valuation of the business is expected to be up to $15 billion. SBI Funds now has assets under management of 12.5 trillion rupees ($137 billion). The co-owners of the fund, State Bank of India and Amundi, last year announced plans to sell a 10% stake on the stock exchange.

- Philippine neobank Maya is considering an IPO in the U.S. in 2026 for up to $1 billion, Bloomberg reported, citing sources. They said the fintech project is now consulting on going public, but officials declined to comment on "market speculation." Maya serves 5.4 million customers, according to telecom provider PLDT. The neobank's investors include KKR, Tencent and a World Bank entity.

- US broker Clear Street has withdrawn its IPO application after a failed attempt to list on Nasdaq. The company's representative told Bloomberg about plans to go public in the future, but did not name the timing. Last week, Clear Street sharply reduced the parameters of the offering amid investor dissatisfaction with the overvaluation of the business at $12 billion, in their opinion, and then canceled the listing. Clear Street provides clients with access to the securities and derivatives markets. The company claims that their cloud-based technology provides more efficient clearing than traditional banks.

- The expected 2026 IPOs of SpaceX, OpenAI and Anthropic could trigger a collapse of quotations on the U.S. stock market, warned investment company GMO (Grantham, Mayo, van Otterloo & Co.) Wall Street veteran Jeremy Grantham. He had earlier correctly predicted the collapse of the dot-com bubble and the global financial crisis. GMO argues that a 1% increase in market capitalization due to IPOs will result in a 7.5% drop in stock prices over the next 12 months. For such a scenario, $500 billion worth of listings is enough, while SpaceX alone is valued at $1.4 trillion.

- The UK's Financial Reporting Council (FRC), which monitors the reliability of corporate information, wants to relax audit rules to attract Chinese issuers to the London Stock Exchange, the Financial Times reports. The amendment would allow PRC companies to apply national auditing standards when issuing GDRs. Now, local rules are required for GDRs to be listed in the UK. In the past, accounting scandals have affected Chinese players listed on U.S. exchanges: the Luckin Coffee chain was fined $180 million for falsifying revenue data, and several other firms were delisted due to financial fraud and accounting problems.

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