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Europe IPO candidate pool nearly halves as AI firms gain momentum
PitchBook said Europe has 223 high-probability IPO candidates, down 40.2% from 373 in its 2025 outlook, even as 72 AI candidates could drive the next wave.
Europe’s pool of potential IPO listings has shrunk sharply this year, even as PitchBook says the listing window has stayed open, supported by low volatility, favorable valuations, and a stable interest-rate policy.
So far in 2026, PitchBook counted 87 IPO listings, with Q2 volumes up 28.9% quarter over quarter, but the backlog of high-probability candidates fell to 223, down 40.2% from 373 cited in its 2025 outlook.
PitchBook also said only 10 of those companies now have more than a 90% probability of an IPO, compared with 32 a year earlier, and the combined valuation of the pipeline is roughly €232 billion, with Revolut accounting for about €200 billion.
The report points to artificial intelligence as a potential refill for the pipeline, saying AI firms represent a third of IPO candidates, including 72 AI companies, seven of which have a 90% or higher probability of listing, with the UK hosting 37.5% of European AI candidates.