Liftoff Mobile Takes Second Shot at Wall Street IPO

Liftoff Mobile, a major player in mobile app marketing and monetization, is making another run at Wall Street. The company, backed by Blackstone Inc., launched a revised plan on May 29, 2026, to go public, aiming for a valuation of up to $3.66 billion in a U.S. initial public offering.

This renewed effort follows a previously abandoned attempt earlier in the year. The Redwood City, California-based firm is looking to raise up to $418 million by offering 19 million shares, priced between $20 and $22 each. Liftoff Mobile plans to list on the Nasdaq Global Select Market under the ticker symbol "LFTO," with pricing expected during the week of June 1, 2026.

Goldman Sachs & Co. LLC, Jefferies, and Morgan Stanley are leading the charge as joint lead book-running managers. They are joined by a substantial syndicate of additional joint book-running managers, including Barclays, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities, William Blair, Cantor Fitzgerald, Deutsche Bank, PJT Partners, Wolfe | Nomura Alliance, BTIG, Needham & Company, and Raymond James. Co-managers for the offering include Blackstone Capital Markets, MUFG, Stifel, LUMA Securities, Bancroft Capital, Cabrera Capital Markets LLC, Drexel Hamilton, Independence Point Securities, and Tigress Financial Partners.

Liftoff Mobile's first journey to the public market began with an initial registration statement filed with the U.S. Securities and Exchange Commission (SEC) on January 13, 2026. That plan was amended several times in January and declared effective on January 30, 2026. At the time, the company had set its sights higher, aiming to raise as much as $762 million, or $711 million, by offering 25.4 million shares at a price range of $26 to $30 apiece. This would have valued the company at up to $5.17 billion, or a $5.5 billion market cap.

However, the company decided to postpone that offering in early February 2026, officially withdrawing its IPO registration on February 17, 2026. The decision was attributed to a broader market downturn that had particularly impacted software companies. Reports at the time cited a sector-wide selloff, fueled by concerns over rapid advancements in artificial intelligence and its potential to disrupt established software firms, potentially narrowing their competitive advantages and squeezing profit margins.

Market volatility, reportedly influenced in part by the Iran war, also contributed to a renewed sense of unease in the new listings market, making it challenging to confidently price new offerings. Lukas Muehlbauer, an IPOX Research Associate, commented on the situation, suggesting that private equity sponsors often opt to withdraw an offering rather than accept what he called "deeply disappointing valuations" in an anxious market. He also noted that current investor skepticism is a "healthy sign of a disciplined market," which can help prevent overheating and benefit long-term market stability. Despite the initial withdrawal, reports indicated that Blackstone was actively preparing one of the largest IPO pipelines in its history, awaiting a more favorable market environment. Liftoff Mobile confidentially refiled for a U.S. IPO shortly after, with a new S-1 filing made on April 17, 2026, signaling its persistent intent to go public.

Founded in 2012 in Redwood City, California, by Harry Robertson, Phil Crosby, and Mark Ellis, Liftoff Mobile specializes in providing AI-powered advertising and monetization software for mobile apps. Their platform is designed to assist mobile developers in acquiring new users and keeping them engaged, while also helping publishers maximize their advertising revenue. In 2021, Blackstone consolidated its portfolio companies Liftoff and Vungle, merging them to create the current entity, which now stands as one of the largest independent mobile app growth platforms globally. The combined company supports over 500,000 apps across more than 140 countries.

As of the fourth quarter of 2025, Liftoff's software development kit (SDK) was integrated into over 140,000 apps, connecting to approximately 1.4 billion daily active users worldwide. The company reported $685.7 million in revenue for fiscal year 2025, marking a 32% year-over-year growth, alongside a net loss of $23.1 million in the same period. For the 12 months ending March 31, 2026, Liftoff Mobile booked $741 million in revenue.

The leadership team includes Jeremy Bondy, who has served as Liftoff's Chief Executive Officer and a member of its board of directors since May 2022. Prior to this role, Bondy was President of Liftoff following the merger with Vungle in October 2021, and before that, he was CEO of Vungle starting in 2020. Co-founder Harry Robertson is the Executive Technical Advisor, bringing extensive experience in computer science and mathematics, having previously led engineering teams in video analytics and monetization. Phil Crosby, another co-founder, holds the position of Executive Product Advisor, focusing on user experience, data science, and mobile app development. Mark Ellis is also recognized as a co-founder and previously served as CEO.

This revised offering is being closely watched as a critical "real-time test of IPO pricing power" and could potentially "reset software IPO pricing" within the current market landscape. Josef Schuster, CEO of IPOX, suggested that if this deal garners strong demand within its marketed range, it could effectively "pave the way" for similar listings, particularly for private equity-backed tech firms looking for a Nasdaq exit. The IPO's significance is heightened by the ongoing market reassessment of technology companies, especially in light of rapid AI advancements. Liftoff's business model, which relies on providing marketing and user acquisition services to mobile app developers, stands to benefit from robust demand in this sector. The company's extensive global reach, connecting to 1.4 billion daily active users, is a key asset in its performance-driven mobile advertising strategy, where optimization improves with scale.

As Liftoff Mobile embarks on this second attempt to go public, the outcome will not only determine its own trajectory but also provide valuable insights into the broader health and direction of the tech IPO market, particularly for companies navigating the evolving landscape of AI and investor sentiment.