The pool of European IPO listing candidates has substantially shrunk this year, even as the window remained open.
AI companies are expected to drive the next wave
PitchBook’s latest analyst note on Europe’s IPO window shows that a favorable combination of low volatility, supportive valuations, and a stable interest rate policy has aided listing volumes, with 87 listings so far this year, and Q2 counts up 28.9% quarter-over-quarter. At the same time, the backlog of potential listings has almost halved. Only 223 companies in Europe now have a high probability of going public, a 40.2% slump from the 373 businesses noted in PitchBook’s 2025 outlook.
Just 10 of those companies have more than a 90% probability of an IPO, down from 32 a year ago. Moreover, their combined valuation totals roughly €232 billion (about $268 billion), with only one company, Revolut, accounting for most of it at €200 billion. The remaining pipeline is broadly unchanged since 2025, with the largest declines in IPO candidates among UK organizations, as well as biotech and pharma companies.