Liftoff Mobile, the mobile app marketing platform backed by Blackstone and General Atlantic, has officially filed its S-1 prospectus with the SEC, kicking off its journey to becoming a public company. The IPO, expected to raise approximately $400 million according to Renaissance Capital's estimates, marks another wave in tech's 2026 public market resurgence and signals growing investor appetite for mobile infrastructure plays.
The mobile app marketing world just got more crowded on the IPO calendar. Liftoff Mobile filed its S-1 with the SEC late Tuesday, marking the first official step toward going public. The timing matters - it comes on the heels of reports that Discord is exploring its own public debut, signaling renewed appetite for tech company IPOs after years of relative quiet in the public markets. After raising capital consistently through private rounds, established software platforms are finally ready to test investor appetite.
Liftoff Mobile is no small player in the app economy. The platform provides critical infrastructure for mobile app developers, offering marketing and user acquisition tools that help developers find, recruit, and retain users. According to the S-1 filing with the SEC, 140,000 apps currently rely on Liftoff's platform. That scale translates to real revenue - the company reported $519 million in 2025 revenues, though it's still running at a loss with a net loss of $48 million. The debt load is substantial at $1.85 billion, something investors will be watching closely during the road show.
The company's trajectory has been shaped by private equity ambition. Liftoff Mobile was formed in 2021 through a merger of two mobile advertising companies - Liftoff and Vungle - with Blackstone acquiring the majority stake at that time. It wasn't just a financial investment either. The PE giant installed new leadership, transforming the company from founder-run operations to a professionally managed organization. That's classic Blackstone playbook for building scalable platforms. After the IPO, Blackstone plans to remain the majority shareholder, making clear that this isn't a quick exit play but a longer-term wealth creation strategy.
What's genuinely striking is the banker lineup for this offering. You'd expect one or two lead underwriters for a $400 million IPO, but Liftoff Mobile has assembled something closer to a small army. The deal features three joint lead bankers (Goldman Sachs, Jefferies, and Morgan Stanley), plus 12 additional banks working to sell shares and three more financial institutions including itself sitting on the deal. That's 18 banks total for a mid-size offering.
