Monthly IPO Roundup: May 2026 — April's Biggest Listings

April 2026 was defined less by deals that priced than by deals that filed. Liftoff Mobile put its S-1 on file with the SEC on April 17, signalling a possible end to years of frozen ad-tech public market activity. Cerebras Systems' amended S-1, targeting $115 to $125 per share on Nasdaq under ticker CBRS, confirmed that the AI chip sector would deliver 2026's biggest technology IPO. Reuters reported on April 13 that a broad range of companies across biotech, real estate, and industrial sectors were forging ahead with listing plans despite continued market swings.

None of those deals had yet priced by month-end. April was a filing month, not a pricing month. But filings predict closings, and the April pipeline points to a Q2 2026 that could be the busiest for technology IPOs since 2021.

This is our May 2026 IPO roundup, covering April's activity. For March — PayPay's $880 million record Nasdaq listing and the Q1 recap — see Monthly IPO Roundup: April 2026.

Liftoff Mobile Files for Nasdaq IPO: Ad-Tech's Return to Public Markets

Liftoff Mobile, Inc. (planned ticker: LFTO) filed its S-1 publicly with the SEC on April 17, 2026, targeting a Nasdaq listing. Blackstone owns the majority of the company. Liftoff had previously filed confidentially, withdrawn after the February software sell-off, and then refiled confidentially within hours — a sequencing that signalled IPO intent without committing to a specific pricing window.

The April 17 public filing moves the timeline forward. A public S-1 typically precedes a roadshow by 3 to 4 weeks.

Liftoff is an AI-powered mobile advertising platform. Its Cortex neural network engine sits at the centre of its product, processing billions of signals per day to match advertisers with app users most likely to install and engage. The platform operates both a demand-side for advertisers and supply-side for app publishers system. Clients include thousands of consumer app brands across gaming, fintech, retail, and media.

Why it matters for brand and industry ownership: Liftoff is not a consumer brand itself, but it powers the marketing infrastructure for thousands of consumer brands. When a brand like a mobile bank, a fitness app, or a streaming service acquires new users, platforms like Liftoff are frequently the channel. A Liftoff IPO makes that infrastructure layer publicly visible and accountable, and establishes a valuation benchmark for the mobile ad-tech sector, which has had only one major pure-play IPO, connected-TV firm MNTN's 2025 debut, in several years.

The Business Insider analysis from April described Liftoff's filing as signalling a possible end to a yearslong freeze that has seen only one major pure-play adtech IPO. Two additional tailwinds were cited. Apple and Google's grip over app store fees was eroding due to ongoing antitrust rulings, and AI-powered performance marketing was growing as a distinct investment category.

Cerebras Systems Files Amended S-1: The AI Chip IPO of 2026

Cerebras Systems, Inc. filed an amended S-1 with the SEC on May 4, 2026, technically filed after April 30 but arising directly from April's pre-filing roadshow preparation, targeting 28 million Class A shares at $115 to $125 per share for a planned Nasdaq listing under ticker CBRS.

The original Cerebras IPO attempt dates to 2024 and was blocked by a federal regulatory review of its largest customer relationship with Abu Dhabi-backed G42. After the regulatory clearance was resolved, the company refiled. By February 2026, Cerebras had raised $1 billion in a Tiger Global-led private round at a $23.1 billion valuation.

By the time Cerebras hit the roadshow in May, the deal size expanded dramatically. Reuters reported on May 10 that Cerebras was raising its price range to $150 to $160 per share due to surging demand. It ultimately priced at $185 per share on May 13, raising $5.55 billion, the largest technology IPO of 2026 to date.

Key financials from the S-1: Revenue of $510 million for the year ending December 31, 2025, up from $290 million the prior year. A significant portion of that revenue came from one customer relationship. That concentration risk was the primary analyst concern going into the deal.

What Cerebras means for brand and industry ownership: Cerebras makes wafer-scale AI chips. Its CS-3 processor is the largest chip in the world by transistor count. Its customers are AI labs and cloud infrastructure companies. The IPO makes Cerebras a public company whose chips power the AI models that increasingly influence how consumer brands are marketed, how customer service operates, and how supply chains are managed. The company itself is not a consumer brand, but its technology sits inside the infrastructure of companies that are.

The Broader April IPO Context: Market Open Despite Volatility

Reuters reported on April 13 that US IPO hopefuls were "forging ahead with listing plans amid market swings" — citing a slate of companies across biotech, real estate investment trusts, and industrials that had launched IPO roadshows during the April volatility window.

The selectivity pattern that defined Q1 continued in April. Investors were funding high-quality deals with clear narratives, but weak comps, concentration risk, or uncertain unit economics faced pricing cuts or delays. The IPO market was open, but the bar for a clean deal had risen since January's more forgiving environment.

SPAC activity continued at its elevated 2026 pace. Sixty-two SPACs had priced in Q1, and April maintained that cadence. De-SPAC activity, the actual mergers that give SPAC shells operational companies, remained muted, which analysts flagged as a sign that the SPAC surge reflected financial engineering more than genuine business readiness for public markets.

IPO Pipeline: What Is Coming in Q2 and Q3 2026

The most-watched names heading into May and the back half of 2026:

Plaid. The financial data connectivity company, fintech APIs connecting bank accounts to apps like Venmo, Robinhood, and Coinbase, was targeting a Q2 2026 IPO at a $6.1 billion valuation with Goldman Sachs as lead underwriter. Plaid had filed its S-1 in Q1 2026.

Discord. The gaming and social communication platform was targeting a Q2 or Q3 listing at a $15 billion valuation, the same as its 2021 private round, five years of flat private valuation. Morgan Stanley was reported as lead underwriter.

Monzo. The UK digital bank had confirmed a London listing track with the UK FCA and was targeting an $8 billion valuation. A Q3 timing was reported as the base case.

Databricks. The AI and data platform company, most recently valued at $134 billion, had Goldman Sachs and Morgan Stanley engaged as lead underwriters for a Q3 listing. This would be the largest technology IPO in years if priced at or near the private valuation.

SpaceX. Still the most anticipated listing in the pipeline, targeted for Q4 at a valuation implying approximately $1.5 trillion based on secondary tender-offer pricing. No S-1 on file as of April 30.

April 2026 IPO Summary

Source: Reuters, Bloomberg, Renaissance Capital, DealRoom. Status as of April 30, 2026.

Why Consumer Brand Owners Should Watch These IPOs

Three of the deals in the April pipeline — Liftoff, Plaid, and Discord — directly affect how consumer brands operate:

Liftoff powers user acquisition for thousands of consumer apps. Its pricing and financial structure, once public, will reveal the economics of performance mobile advertising at scale.

Plaid connects consumer bank accounts to apps. Its revenue model and growth metrics, once disclosed, will show how much the plumbing of consumer fintech is actually worth, and who owns the infrastructure between consumer wallets and brand checkout flows.

Discord is a community platform where gaming brands, entertainment brands, and consumer products have built organic communities. Its public financials will show whether community-driven brand engagement translates to a sustainable business model.

For brand owners tracking M&A and ownership, the core of WhoBrands's research, the 2026 IPO class reveals who will control the infrastructure layer that shapes how consumers discover, buy, and engage with brands over the next decade.

FAQ

What is the biggest IPO expected from April 2026's pipeline?

Cerebras Systems, which filed its amended S-1 on May 4, 2026 and priced at $185 per share on May 13, raised $5.55 billion, the largest technology IPO of 2026. Liftoff Mobile, which filed in April, is expected to price in Q2 at a valuation of several billion dollars.

What does Liftoff Mobile do, and why is it IPO-relevant?

Liftoff is an AI-powered mobile advertising platform that acquires users for consumer apps. Its Cortex neural network processes billions of signals daily to match advertisers with users likely to install and engage. It is IPO-relevant because it is one of the largest pure-play mobile ad-tech companies and its listing will establish a market valuation for that infrastructure category for the first time in years.

When will Plaid and Discord go public?

As of April 30, 2026: Plaid is targeting Q2 2026 at a $6.1 billion valuation with Goldman Sachs as lead; Discord is targeting Q2–Q3 with a $15 billion target valuation. Both timelines are subject to market conditions. Neither had priced as of April 30.

How does the IPO market in 2026 compare to previous years?

Q1 2026 was the strongest opening quarter since 2021, 22 traditional IPOs raising $9.4 billion, up from 15 raising $7.9 billion in Q1 2025. SPAC formation reached its highest level since 2021. The market is selectively open. Quality and narrative clarity determine whether a deal prices successfully.

Related Reading

• Monthly IPO Roundup: April 2026
• Monthly M&A Roundup: April 2026
• Biggest Brand Deals of Q1 2026
• Browse all News & Updates

Sources

1. Reuters: US IPO Hopefuls Forge Ahead Amid Market Swings — https://www.reuters.com/business/retail-consumer/us-ipo-hopefuls-forge-ahead-with-listing-plans-amid-market-swings-2026-04-13/ 2. Reuters: Blackstone-backed Liftoff Files US IPO — https://www.reuters.com/legal/transactional/blackstone-backed-liftoff-files-us-ipo-2026-04-17/ 3. Business Insider: Liftoff Filing Signals Possible End to Adtech Market Freeze — https://www.businessinsider.com/liftoff-filing-to-go-public-signals-mobile-adtech-ipo-rebound-2026-1 4. CNBC: Cerebras Bumps Up IPO Range to $150–$160 — https://www.cnbc.com/2026/05/11/cerebras-raises-ipo-range.html 5. Reuters: Cerebras Prices IPO at $185 Per Share — https://www.reuters.com/legal/government/cerebras-prices-ipo-185-per-share-raise-555-billion-sources-say-2026-05-13/ 6. DealRoom: Upcoming IPOs in 2026 — https://dealroom.net/blog/upcoming-recent-ipos 7. PwC US Capital Markets Watch Q1 2026 — https://www.pwc.com/us/en/services/consulting/deals/us-capital-markets-watch.html

All brand ownership and IPO data verified through WhoBrands.com research methodology. Last updated: May 1, 2026.