Discord is considering going public soon, and other technology companies are beginning to take their chances as well. Liftoff Mobile filed its first S-1 document late Tuesday, marking the initial step in that process. The company is not yet discussing the scale of this IPO, having not provided data on the size of the offering or the stakes held by its principal shareholders. However, IPO research firm Renaissance Capital reports the whisper number at 400 million dollars, indicating what the market believes the company hopes to raise.
The company provides a platform that assists mobile app developers in marketing their applications. It was formed in 2021 through a merger of Liftoff and Vungle. Blackstone acquired the majority of its shares at that time and appointed new leadership, meaning it is no longer a founder-run company. According to the S-1 filing, Blackstone will remain the majority shareholder after the offering.
An interesting detail is that this listing, despite its relatively small expected size, involves an unusually large number of bankers underwriting it. The offering has three joint lead bankers and another twelve banks assisting to sell the shares, plus three other financial institutions involved. This could be a sign of strong investor interest or a need to spread risk across many institutions.
Liftoff claims 140,000 apps use its services. The company reports 2025 revenues of over 519 million dollars and a net loss of just over 48 million dollars. It is also carrying over 1.85 billion dollars in debt.