Blackstone and General Atlantic-supported Liftoff Mobile submits application for initial public offering

Liftoff Mobile Moves Toward IPO Amid Tech Industry Momentum

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As Discord considers a public listing in the near future, other technology firms are following suit. Liftoff Mobile has taken its first official step toward an initial public offering by submitting its S-1 registration late Tuesday.

Details regarding the scale of Liftoff’s IPO remain undisclosed, with no figures yet provided about the offering’s value or the ownership stakes of its leading investors. Nevertheless, IPO analytics group suggests the company is aiming to raise approximately $400 million, based on industry speculation.

Liftoff Mobile delivers a marketing platform tailored for mobile app developers. The business was established in 2021 following the merger of Liftoff and Vungle. At that time, Blackstone became the primary shareholder and installed a new executive team, shifting the company away from founder leadership. According to the S-1, Blackstone will continue to hold a controlling interest after the IPO.

Unusual Underwriting Structure

Notably, despite the IPO’s modest anticipated size, an extensive group of underwriters is involved. Three major banks—Goldman Sachs, Jefferies, and Morgan Stanley—are leading the effort, supported by a dozen additional banks and three more financial institutions, including Blackstone itself. This broad participation could indicate either significant investor enthusiasm or a desire to distribute risk among many parties.

Key Financial Highlights

• Liftoff supports 140,000 mobile applications through its services.
• In 2025, the company reported revenues exceeding $519 million, but also posted a net loss of just over $48 million.
• Liftoff currently carries more than $1.85 billion in outstanding debt.