Since our last update, we’ve added the following to the ListingTrack database:

📈 40 new companies, bringing our database to 11,000 companies
🔍 11 new events tracked, including mergers, activist campaigns, and short reports—now totaling 2,210 market-moving events

IPO/ Listing Action

Past week

• CoreWeave’s (CRWV) IPO significantly underperformed expectations, raising $1.5 billion at $40 per share versus initial guidance of up to $55, and ending its debut day flat at $40 per share. The Nvidia-backed cloud computing firm had initially targeted a $4 billion raise and a valuation north of $35 billion but closed with a $23 billion fully diluted valuation—aligned with its last private round but well short of IPO targets. The weak debut—amid broader market declines—further compounds concerns about IPO market sentiment, where nearly half of the year’s 10 largest U.S. listings have traded below issue price. — Bloomberg

• CoreWeave (CRWV) disclosed technical defaults on a $7.6 billion loan from Blackstone and Magnetar Capital, due to breaches of administrative covenants related to collateral restrictions when expanding into western Europe. Although no payments were missed, waivers were required in December 2024. …

See more: Latest Listings

Upcoming IPO News (Filed)

• eToro (ETOR) has filed for a U.S. IPO, reporting 2024 revenue of $12.6 billion and net income of $192 million, up significantly from $3.89 billion and $15.3 million in 2023. …

See more: Upcoming Listings

Listing Plans and Rumors

See more: Listing Plans & Rumors

IPOs

• Cerebras Systems’ IPO has been delayed due to an ongoing national security review by the Committee on Foreign Investment in the U.S. …

• Ethos, an insurtech startup backed by SoftBank Vision Fund 2, is exploring an IPO that could take place as soon as 2025. …

• Kraken, the cryptocurrency exchange, is exploring raising up to $1 billion in debt ahead of a potential IPO …

• Cybersecurity firm Delinea, backed by TPG, is preparing for an IPO and has hired Goldman Sachs and Morgan Stanley as underwriters. …

• Discord is preparing for an IPO with advisors Goldman Sachs and JPMorgan, targeting a potential listing as early as 2025. …

• Chinese electric truck startup Windrose is planning a US IPO that could raise $400 million this year. …

• General Atlantic appointed former Morgan Stanley CEO James Gorman as strategic adviser as it prepares for a potential IPO, possibly by year-end. …

• Anglo American has initiated preliminary discussions with banks to explore a potential IPO of its De Beers diamond business as part of a dual-track process that includes a possible sale. …

Spinoffs

• Honeywell (HON) has announced leadership appointments for its Advanced Materials business ahead of its planned spin-off into Solstice Advanced Materials, a standalone, publicly traded specialty chemicals company expected to be completed by late 2025 or early 2026. …

• (2 additional updates: SHOT, TORO …)

SPACs

• Terrestrial Energy, a small modular nuclear power plant developer, entered into a definitive agreement to merge with SPAC HCM II Acquisition Corp. (HOND), in a deal that values Terrestral at a $925M pre-money equity value. …

IPO Candidates

See more: IPO Candidates

Series C+ and Prominent Fundraising

AI / Robotics

• OpenAI is finalizing a $40 billion funding round led by SoftBank, with participation from Magnetar Capital, Coatue, Founders Fund, and Altimeter. SoftBank is expected to contribute $30 billion across two tranches, and Magnetar may invest up to $1 billion. The round would be the largest in private market history, bringing OpenAI’s valuation to $300 billion, nearly double its prior $157 billion mark from October 2023. — Bloomberg

• Cognition AI, developer of the AI-powered coding assistant "Devin," has raised several hundred million dollars in a new funding round led by 8VC at a valuation nearing $4 billion—doubling its valuation from the prior round. …

• Nexthop AI emerged from stealth with $110M in funding led by Lightspeed Venture Partners, joined by Kleiner Perkins, WestBridge, Battery Ventures, and Emergent Ventures. …

• The Bot Company, a robotics startup founded by former Cruise CEO Kyle Vogt, has raised $150 million in a new round led by Greenoaks, bringing its valuation to $2 billion. …

• Aura, an AI-powered online safety platform for individuals and families, closed a $140 million Series G funding round led by Ten Eleven Ventures and Madrone Capital, with participation from new investor AT&T Ventures and existing backers Accel, Warburg Pincus, and General Catalyst. …

Space/ Quantum/ Nuclear

• Axiom Space is finalizing a new funding round co-led by 1789 Capital and Type One Ventures, targeting at least $100 million in new equity at a pre-money valuation of approximately $2 billion. …

• Quantum computing startup PsiQuantum is raising at least $750 million at a $6 billion pre-money valuation in a round led by BlackRock. …

• Munich-based fusion energy startup Marvel Fusion raised €112 million in a Series B round backed by EQT Ventures, Siemens Energy, and the European Innovation Council. …

Fintech

• Mercury raised a $300 million Series C funding round led by Sequoia Capital at a $3.5 billion post-money valuation, more than doubling its 2021 valuation. …

Media/ Consumer

• Patrick Whitesell’s new investment platform, backed by Silver Lake with an initial $250 million, has acquired a ~10% minority stake in Peyton Manning’s Omaha Productions at a valuation exceeding $750 million. …

• Sports gaming startup Underdog raised $70 million in the first close of a Series C round led by Spark Capital, with the total round expected to exceed $100 million. …

Other (Healthcare, Enterprise SaaS, Logtech, ++)

• Navina, an AI-driven clinical intelligence platform, has raised $55 million in a Series C funding round led by Growth Equity at Goldman Sachs Alternatives, bringing its total funding to $100 million. — PR

• Fleetio acquired Auto Integrate and raised over $450 million in financing co-led by Elephant and Goldman Sachs Alternatives, valuing the combined business at over $1.5 billion. …

• Enterprise browser firm Island raised $250 million in a Series E round led by Coatue Management, reaching a $4.8 billion valuation just five years after its founding. …

• (2 additional updates: Supira Medical & BuildOps …)

IPO Candidate News

• JPMorgan Chase (JPM), in collaboration with Quantinuum, Honeywell’s quantum computing spinoff, which was rumored to be going public this year, has become the first entity to mathematically verify the generation of truly random numbers via quantum computing, as published in Nature. …

• OpenAI projects 2025 revenue of $12.7 billion, more than tripling its 2024 revenue of $3.7 billion, according to internal estimates. …

IPO Market Commentary

• A growing number of high-profile tech companies, including OpenAI, Databricks, and Anduril, are remaining private longer, raising billions in private markets while delaying IPOs. Firms like CoreWeave and Klarna are preparing public offerings, but most large private companies are opting for secondary sales or strategic funding rounds to provide liquidity without facing public market volatility. Since 2022, only $104 billion has been raised via U.S. IPOs—less than in the last half of 2021 alone—and 7 of the 10 largest IPOs in 2025 have underperformed. While private capital remains accessible, Barclays' Rob Stowe cautions that this funding is not infinite, and capital-intensive firms like CoreWeave will eventually need public exits. — Bloomberg

Theme Pages

Our Theme Pages are highly curated datasets, providing a detailed, categorized view of key industries and emerging market trends. Each page tracks public stock performance, active and closed mergers, news, upcoming IPOs, and prominent or Series C+ private companies. With dedicated pages for industries like AI, Nuclear, New Space, New Age Defense, and Logistics, we will continuously expand our coverage, adding new high-impact industries as market trends evolve.

Merger Announcements

• Clearlake Capital has agreed to acquire Dun & Bradstreet (DNB) in a transaction valued at $7.7 billion, including debt, with an equity value of $4.1 billion. Shareholders will receive $9.15 in cash per share. The deal was unanimously approved by Dun & Bradstreet’s board and is expected to close in Q3 2025. … Deal Page

• Alcon (ALC) announced it will acquire LENSAR (LNSR) for $14.00 per share in cash, with a contingent value right (CVR) of up to $2.75 per share if 614,000 cumulative procedures are performed using LENSAR’s products between Jan 1, 2026, and Dec 31, 2027. … Deal Page

See more: Active M&A

Closings

• Endeavor (EDR) has completed its go-private acquisition by Silver Lake and co-investors, with stockholders receiving $27.50 per share in cash—representing a 55% premium to the unaffected share price. … Deal Page

• Rafael Holdings (RFL) and Cyclo Therapeutics (CYTH) completed their merger, with Cyclo shareholders receiving 0.3525 shares of Rafael Class B common stock for each CYTH share, representing approximately 22% of the combined entity. …

• Siemens has completed the acquisition of Altair Engineering (ALTR) for approximately $10 billion in enterprise value. …

• (4 additional updates: IVAC, FBMS, VOXX, SASR …)

See more: Closed M&A

Live Deal Coverage and Updates

• Clearlake Capital Group has secured $5.75 billion in debt financing to support its $7.7 billion acquisition of Dun & Bradstreet (DNB), which includes $4.1 billion in equity value. … Deal Page

• The Delaware Court of Chancery ruled in favor of Desktop Metal (DM) in its dispute with Nano Dimension, finding that Nano materially breached the July 2024 merger agreement and rejecting Nano’s counterclaims. … Deal Page

• The UK Competition and Markets Authority (CMA) warned that SLB’s proposed $8 billion acquisition of ChampionX (CHX) could reduce competition in the UK market. … Deal Page

• Nippon Steel is reportedly considering increasing its investment commitment to $7 billion to upgrade US Steel (X) facilities, up from a prior $2.7 billion pledge, as it seeks to secure regulatory approval for its proposed $14.1 billion acquisition of the American steelmaker. … Deal Page

Potential M&A News

• Coinbase (COIN) is in advanced talks to acquire Deribit, the largest crypto options exchange for Bitcoin and Ether, in a deal that could value Deribit between $4 billion and $5 billion. …

• Korean AI chip startup FuriosaAI declined an $800 million acquisition offer from Meta (META), opting to remain independent and continue developing its AI inference semiconductor platform. …

• Three Democratic senators — Ed Markey, Chris Van Hollen, and Cory Booker — are urging the White House to seek Congressional authority to extend the April 5 deadline for ByteDance to divest TikTok. …

• Grab Holdings (GRAB) is seeking to raise up to $2 billion in a 12-month bridge loan to support its potential acquisition of Indonesian rival GoTo Group. …

• (4 additional updates: LEE, CTAS, PET, VVPR …)

Talks / Offers

• Emeren Group (SOL) has formed a special committee of its three independent directors to evaluate a going-private proposal received on March 17, 2025. …

• bluebird bio (BLUE) received an unsolicited proposal from Ayrmid Ltd to acquire the company for $4.50 per share in cash plus a $6.84/share CVR tied to a net sales milestone. …

See more: Potential M&A

Prominent Private Deals (private targets, including public subsidiaries)

Announcements

• Elon Musk announced that xAI has acquired X (formerly Twitter) in an all-stock transaction, valuing xAI at $80 billion and X at $33 billion (reflecting $45 billion equity value less $12 billion in debt). The combination merges xAI’s AI infrastructure, models, and compute capabilities with X’s user base of 600 million and real-time content distribution. Musk framed the merger as a strategic alignment to integrate data, talent, and distribution at scale, positioning the combined entity to deliver advanced AI-driven experiences globally. — X

• Digital pharmacy startup Alto Pharmacy, backed by SoftBank, has agreed to be acquired by Paulus Holdings in a transaction valuing the company between $1 billion and $1.5 billion. …

• Dollar Tree (DLTR) has agreed to sell its Family Dollar segment to Brigade Capital Management and Macellum Capital Management for $1.007 billion, subject to customary adjustments. The divestiture follows a strategic review and aims to unlock shareholder value. Family Dollar will remain headquartered in Chesapeake, VA. Dollar Tree originally acquired the brand for $9 billion in 2015. The transaction is expected to close in Q2 2025. — PR / Deal Page

Potential Deals

• Walden Group, a French logistics firm specializing in pharmaceutical transportation, is exploring a potential sale that could value the business at approximately €1 billion ($1.1 billion). …

M&A Market Commentary & Post M&A Coverage

• Following the collapse of their $25B merger, Kroger (KR) countersued Albertsons (ACI), alleging misconduct and a breach of regulatory obligations tied to divestiture strategies with C&S Wholesale. …

• A U.S. judge has allowed a shareholder lawsuit against Elon Musk to proceed, rejecting his bid to dismiss claims that he defrauded former Twitter shareholders by delaying the disclosure of his stake. Plaintiffs allege Musk violated an SEC deadline by disclosing his 5% Twitter stake 11 days late, saving over $200 million and misleading the market with passive investment claims and tweets suggesting alternative plans. …

Activism, Investor Disputes & Shorts

Activism

• Elliott Investment Management filed a lawsuit against Phillips 66 (PSX) and its board to compel the company to make four board seats available for election at its 2025 annual shareholder meeting. …

• Engine Capital Management has launched a proxy campaign at Lyft (LYFT), nominating two director candidates and calling for strategic and governance changes to address the company's underperformance. …

• United Steelworkers criticized activist investor Ancora Holdings’ plans to sell US Steel's (X) modern mills to upgrade legacy union-run facilities, while US Steel escalated its opposition to Ancora amid ongoing efforts to close its $14.1B acquisition by Nippon Steel. …

• (3 additional updates: PSX, ILMN, RPD …)

See more: Activism

Shorts

• Short seller Muddy Waters Research published a report targeting AppLovin (APP). — Muddy Waters

• Elliott Investment Management, which has taken a ~5% stake in BP and is pressing for strategic changes, disclosed a 0.5% short position in Shell Plc (SHEL) and a 0.52% short in TotalEnergies SE. …

See more: Short Reports

Separations

• Rivian (RIVN) has spun off its micromobility division into a separate company, Also Inc., which will focus on lightweight electric vehicles. Rivian retains a significant minority stake in Also, which secured $105 million in funding from Eclipse Ventures. …

• Boeing (BA) is advancing its efforts to divest its Jeppesen navigation business, valued at over $8 billion, and is preparing to solicit final bids from a group of remaining suitors. …

• 23andMe (MEHCQ) provided updates on its bankruptcy process and reassurances around the handling of its customer data after it filed for Chapter 11 earlier in the week. …

• Benson Hill (BHIL --> BHILQ) was delisted by Nasdaq and began trading OTC under the new symbol BHILQ following its Chapter 11 bankruptcy filing.

• (6 additional updates: MEHCQ, LKCOF, KRBP, BACK, GDST, LYTHF …)