Via amazon.com
The continent's pipeline of public offerings has shrunk dramatically while US markets ride an AI-fueled wave, and the ripple effects are already hitting crypto.
Europe’s pipeline of companies waiting to go public has dropped from 373 at the start of 2025 to just 223 by mid-2026, according to PitchBook. That’s a decline of roughly 40%.
While Europe’s IPO queue is evaporating, American exchanges are pulling in filings from AI and space-related companies at a pace that’s left European banks watching from the sidelines, largely cut out of the biggest deals of the cycle.
A tale of two markets #
Investors on the continent have shown a persistent preference for traditional sectors like defense and industrials, leaving innovative AI ventures struggling to find enthusiastic buyers on local exchanges.
High-profile names like OpenAI and SpaceX are anchoring American IPO pipelines. Europe’s answer to that lineup is comparatively thin, with Mistral AI standing out as one of the few potentially large AI listings on the horizon.
One European fintech that could test whether London still has appetite for big listings is Revolut. The company has been edging closer to a potential public offering.
Where crypto fits into the IPO equation #
Kraken’s SPCXx token gives holders indirect exposure to SpaceX shares. It’s a tokenized equity product, essentially a blockchain-based wrapper around pre-IPO stock.
Tokens associated with artificial intelligence projects, including TAO, NEAR, and the FET/ASI Alliance token, experienced notable sell-offs in June 2026. The trigger was delays in OpenAI’s IPO plans.
What this means for investors #
For crypto investors specifically, there are a few angles worth watching. First, tokenized equity products are carving out a real niche. As high-growth companies in AI and aerospace dominate the US IPO cycle, products like Kraken’s SPCXx offer crypto-native investors a way to participate without leaving the blockchain ecosystem.
Second, the volatility transmission channel between IPO news and AI-themed tokens is now established. Traders holding positions in tokens like TAO or NEAR need to monitor traditional capital markets news. A delay in a major AI company’s listing timeline can trigger sell-offs that have nothing to do with protocol fundamentals.
Third, Revolut’s potential IPO represents a genuine test case. If a fintech company with significant crypto operations can list successfully in London, it would signal that European markets aren’t entirely hostile to the digital asset sector.
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