TL;DR
Liftoff Mobile submitted an S-1 to begin its public offering process but has not disclosed the size or shareholder stakes. The Blackstone-controlled ad-tech company reported 2025 revenue above $519 million, a net loss of about $48 million, and carries more than $1.85 billion in debt.
What happened
Liftoff Mobile filed its initial S-1 registration statement on Tuesday, formally starting the process toward an initial public offering. The company, formed in 2021 through the merger of Liftoff and Vungle, did not include offering size or major shareholders' stake details in the filing. Renaissance Capital reports a market whisper that the deal could target roughly $400 million. Blackstone acquired a majority position in the combined business at the time of the merger, installed new leadership, and according to the S-1 will remain the majority shareholder after the offering. Liftoff provides a marketing platform for mobile app developers and says some 140,000 apps use its services. For 2025 the company reported revenue above $519 million and a net loss just over $48 million, while noting total debt of more than $1.85 billion. The planned listing features an unusually large underwriting syndicate, with Goldman Sachs, Jefferies and Morgan Stanley named as joint lead bankers and a further dozen banks and three other financial institutions involved.
Why it matters
- An S-1 from Liftoff signals continuing IPO activity among ad-tech and mobile-marketing firms after a quieter market period.
- Blackstone’s continued majority ownership and the company’s heavy debt load could influence how proceeds are allocated and investor appetite.
- Liftoff’s reported scale — more than 140,000 apps and over $519 million in 2025 revenue — underscores its role in the app-marketing ecosystem.
- The large underwriting syndicate for what may be a modest-sized deal is unusual and could reflect strong demand or a desire to distribute risk across many institutions.
Key facts
- S-1 filing date: announced January 14, 2026 (initial registration filed).
- Company formed in 2021 via merger of Liftoff and Vungle.
- Blackstone acquired a majority stake at the time of the merger and will remain majority shareholder after the offering, per the S-1.
- Renaissance Capital reports a whisper number of roughly $400 million for the potential raise.
- Liftoff reports more than 140,000 apps use its platform.
- 2025 revenue exceeded $519 million; net loss was just over $48 million.
- The company carries more than $1.85 billion in debt.
- Underwriting group includes three joint lead bankers — Goldman Sachs, Jefferies and Morgan Stanley — plus 12 additional banks and three other financial institutions involved.
What to watch next
- Final offering size, valuation and the specific stakes held by principal shareholders: not confirmed in the source.
- How Liftoff plans to allocate IPO proceeds (debt reduction, growth, other uses): not confirmed in the source.
- Pricing, timing and market reception for the deal once terms are set: not confirmed in the source.
Quick glossary
- S-1: A registration statement companies file with the U.S. Securities and Exchange Commission to begin the process of going public.
- Initial public offering (IPO): The first sale of a company's shares to public investors, allowing the company to raise capital on public markets.
- Underwriter / lead banker: A financial firm that manages and markets an IPO, helps set the offering price, and distributes shares to investors.
- Whisper number: An unofficial or market-rumored estimate of deal size or valuation circulating among investors and analysts.
Reader FAQ
What does Liftoff Mobile do?
Liftoff provides a marketing platform that helps mobile app developers promote their apps.
How large is the IPO?
The company has not disclosed the offering size; Renaissance Capital reports a market whisper of about $400 million.
Who controls Liftoff now?
Blackstone acquired the majority of shares in 2021 and, according to the S-1, will remain the majority shareholder after the offering.
What are Liftoff’s recent financials?
Liftoff reported 2025 revenue above $519 million, a net loss just over $48 million, and total debt exceeding $1.85 billion.
IN BRIEF Posted: 11:00 AM PST · January 14, 2026 IMAGE CREDITS: ICONICBESTIARY/ISTOCK / GETTY IMAGES Julie Bort Blackstone, General Atlantic-backed Liftoff Mobile files for IPO With news that Discord…
Sources
- Blackstone, General Atlantic-backed Liftoff Mobile files for IPO
- Blackstone-Backed (BX) Liftoff Mobile Files for US IPO
- Liftoff Mobile Goes Public: $400M IPO Filing
- S-1
Related posts
- Apple Creative Studio icons are unique — not applied to all standalone apps
- Ask HN: Share your personal website for a community directory
- Xoscript: a lightweight server-side scripting language rebooted in 2026