Blackstone portfolio company Liftoff Mobile is targeting a valuation of up to $5.17bn in its initial public offering in the United States, the latest in a string of Blackstone-backed listings, according to a report by Reuters.
The Redwood City-based mobile app marketing company plans to raise as much as $762m by offering 25.4 million shares priced between $26 and $30 each.
Expectations of increased capital markets activity in 2026 is supported by a strong pipeline of late-stage private companies. Matt Kennedy, senior strategist at Renaissance Capital, told Reuters that the current backlog of pre-IPO companies is the largest seen in at least two decades.
Liftoff Mobile was formed in 2021 following Blackstone’s merger of Liftoff and Vungle. The company’s core advertising revenue has risen 40% in the nine months to 30 September. The platform provides mobile app developers with user acquisition and growth tools, reporting around 1.4bn daily active users globally. In 2025, it announced a minority investment from General Atlantic, valuing the business at $4.3bn.
Blackstone is reportedly preparing one of the largest IPO pipelines in the firm’s history, with activity in this year expected to be concentrated in US corporate listings.
