Liftoff Mobile has officially started its march toward the public markets, filing an S-1 late Tuesday as investors watch for the next tech offering after Discord’s own IPO buzz.
At a Glance
- Mobile ad-tech firm Liftoff Mobile filed IPO paperwork, targeting $400 million in proceeds
- The company carries $1.85 billion in debt and posted a $48 million net loss on $519 million 2025 revenue
- Blackstone, which took majority control in the 2021 merger that created Liftoff, will keep that stake after listing
- 15 banks are on the ticket, including Goldman, Jefferies, and Morgan Stanley as joint leads
Why it matters: A heavily indebted, loss-making ad-tech firm is testing investor appetite for new issues at a time when public markets have been starved of tech IPOs.
Filing Details
The S-1 remains blank on the exact share count or price range, but Renaissance Capital pegs street expectations at $400 million. The company was created in 2021 when Liftoff and Vungle merged, with Blackstone acquiring the majority position and installing new management.
Post-offering, Blackstone will continue to hold the majority of shares, according to the filing.
Financial Snapshot
Liftoff’s platform claims 140,000 apps as customers. For 2025 it reported:
| Metric | Figure |
|---|---|
| Revenue | $519 million |
| Net Loss | $48 million |
| Total Debt | $1.85 billion |
Underwriting Army
The deal carries an unusually large syndicate for its size:
- Joint bookrunners: Goldman Sachs, Jefferies, Morgan Stanley
- 12 additional banks marketing the shares
- 3 financial institutions, including Blackstone, in ancillary roles
Sources told News Of Philadelphia the broad lineup could signal either strong early demand or a need to spread risk across multiple institutions.
Market Context
The filing follows reports that Discord is also exploring a public listing, hinting at renewed tech IPO activity after a prolonged lull. Liftoff’s move will test whether investors are ready to back a high-debt, founder-free ad-tech name at the lower end of the tech spectrum.
Jordan M. Lewis reported the initial filing late Tuesday.
