European IPO Backlog Shrinks Amid US AI Boom

The pipeline of companies waiting to go public in Europe has significantly decreased over the past year. According to PitchBook, the number of companies in line for an initial public offering (IPO) dropped from 373 at the start of 2025 to 223 by mid-2026, representing a decline of about 40%. This shift is largely attributed to investors' preference for traditional sectors like defense and industrials over innovative AI ventures.

In contrast, American exchanges are experiencing an influx of filings from companies in the AI and space-related industries. High-profile names such as OpenAI and SpaceX have anchored the US IPO pipelines, leaving European banks watching from the sidelines. One potential exception is Revolut, a European fintech company that has been edging closer to a public offering.

The relationship between traditional capital markets news and AI-themed tokens has become increasingly apparent. Delays in major AI companies' listing timelines can trigger sell-offs in tokens associated with artificial intelligence projects, even if the fundamentals of the protocol remain unchanged. Tokenized equity products, such as Kraken's SPCXx, offer crypto-native investors a way to participate in high-growth companies without leaving the blockchain ecosystem.