Kraken Pauses IPO Plans, Quince Raises $500M

Kraken paused its IPO plans, with sources saying it may revisit a listing when market conditions improve. Meanwhile, the consumer technology platform Quince raised $500M in a Series E financing.This week's private company news:Kraken paused its IPO plans after confidentially filing with the SEC in November, with sources saying it may revisit a listing when market conditions improve, CoinDesk's Will Canny and Helene Braun. The delay comes after a banner year for crypto IPOs. Firms like Circle, Bullishand Geminiwent public and raised $14.6B collectively in 2025, the authors note. Kraken's $800M raise at a $20B valuation, and broader industry trends, suggest this year's IPO candidates will emphasize financial infrastructure, compliance, and steady revenue over trading-driven models, the publication adds.Some of the biggest capital raises by private companies this week include:Quince– The consumer technology platform announced a $500M Series E financing led by ICONIQ, with participation from Basis Set Ventures, Wellington Management, Wndrco, MarcyPen Capital Partners, Ballie Gifford, Notable Capital and DST Global. Publicly traded companies in the space include Lululemon, Ralph Lauren, and VF Corp.Replit– The coding platform secured $400M in Series D funding, valuing the company at $9B. The round was led by Georgian Partners, with participation from G Squared, Prysm Capital, Coatue, Andreessen Horowitz, Craft Ventures, Y Combinator, Accenture Ventures, Okta Ventures, and Databricks Ventures. Publicly traded companies in the space include Microsoft, Alphabet, and Amazon.Axiom Math– The company said it raised $200M in new funding from venture capital firms Menlo Ventures, Greycroft and Madrona, valuing the company at $1.6B. Publicly traded companies in the space include Nvidia, IBM, and Meta.XBOW– The autonomous offensive security company raised $120M in Series C financing. The round was led by DFJ Growth and Northzone and values the company at over $1B. Publicly traded companies in the space include CrowdStrike, Palo Alto Networks, Fortinet.Imperative Care– The medical technology company closed an oversubscribed $100M convertible note financing. The round was co-led by new investors Elevage Medical Technologies and Perceptive Advisors in partnership with existing investor Catalio Capital Management, LP. New investors Longaeva Partners LP and Brown Advisory also participated in the financing. Publicly traded companies in the space include Stryker, Medtronic, and Penumbra.Unicorns to watch this week:Bedrock Robotics– The company automating building equipment for autonomous construction is valued at $1.8B after a $270M Series B financing. Publicly traded companies in the space include Caterpillar, Deere, and Trimble.Spirit AI– The Beijing-based humanoid robotics and physical intelligence foundation model company is valued at $1.5B. Publicly traded companies in the space include Tesla, Rockwell Automation, and Intuitive Surgical.AI² Robotics– The intelligent robot company for industrial and service industries is valued at $1.4B. Publicly traded companies in the space include ABB, Teradyne, and iRobot.Galaxea AI– The humanoid robotics company is valued at $1.4B. Publicly traded companies in the space include Tesla, Nvidia, and Rockwell Automation.Revel– The testing and control software for aerospace, defense, and robotics company is valued at $1B. Publicly traded companies in the space include PTC, Keysight, and Palantir.IPOs to watch:Pershing Square USA, or PSUS- The closed end investment company managed by Pershing Square Capital Management, L.P., announced that it has publicly filed with the U.S. Securities and Exchange Commission a registration statement on Form N-2 relating to a proposed initial public offering of its common shares of beneficial interest. Concurrently with the filing of the N-2 Registration Statement, Pershing Square Inc., the prospective parent company of PSCM, publicly filed a registration statement on Form S-1 with the SEC relating to a proposed initial public offering of its common stock.Student Living EduVation– The company filed with the SEC for an initial public offering by the company of 3.75M ordinary shares. The company stated, "We are offering 3,750,000 Ordinary Shares on a firm commitment basis. We anticipate that Offering price of the Ordinary Shares will be between $4.00 and $6.00 per Ordinary Share. The Resale Shareholders are also offering 5,880,000 Ordinary Shares to be sold pursuant to the Resale Prospectus."Liftoff Mobile– The company announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The total number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC's review process.Cerebras Systems– The AI chipmaker Systems has picked Morgan Stanley to lead its initial public offering, which could raise about $2B in a listing as soon as April, people familiar with the matter told Bloomberg's Ryan Gould, Bailey Lipschultz and Anthony Hughes. Cerebras, which withdrew its previous IPO registration in October, has filed fresh paperwork for an IPO and is set to meet with analysts and prospective investors this month, the report added.OpenAI– The company is accelerating its plans for a public listing as rivalry with Anthropic intensifies, now planning on listing in Q4 of this year, Berber Jin, Corrie Driebusch, and Kate Clark of The Wall Street Journal. OpenAI is holding discussions with Wall Street banks about a potential initial public offering and has hired several executives to oversee its finance team, sources told the Journal.SpaceX- Elon Musk's SpaceX is said to be weighing a confidential IPO filing as soon as March and could seek a valuation over $1.75 trillion in the offering, sources told Bloomberg. The company is moving forward with plans for the biggest-ever listing and expects to submit its draft IPO registration to the Securities and Exchange Commission in March, which would keep it on track for a June listing, the sources are reported to have said. SpaceX could seek a valuation in the IPO of more than $1.75 trillion, some of the sources are said to have added."Private Markets" is The Fly's recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.