The pool of European IPO listing candidates has substantially shrunk this year, even as the window remained open. AI companies are expected to drive the next wave.
PitchBook’s latest analyst note on Europe’s IPO window shows that a favorable combination of low volatility, supportive valuations, and a stable interest rate policy has aided listing volumes, with 87 listings so far this year and second-quarter counts up 28.9% quarter-over-quarter.
At the same time, the backlog of potential listings has almost halved. Only 223 companies in Europe now have a high probability of going public—a 40.2% slump from the 373 businesses noted in PitchBook’s 2025 outlook. Just 10 of those companies have more than a 90% probability of an IPO, down from 32 a year ago. Moreover, their combined valuation totals roughly €232 billion, with only one company, Revolut, accounting for most of it at €200 billion.
The remaining pipeline’s composition is broadly similar to 2025, though UK organizations saw the largest declines in IPO candidates, alongside biotech and pharma companies. Germany and software also had notable decreases in their pipeline counts.
The future of the IPO pipeline may lie in artificial intelligence, with such firms representing a third of candidates. Europe has 72 AI IPO candidates, including seven with a 90% or higher probability of listing on the public markets.
The top AI firms by valuation span verticals including robotics and drones (defense), Big Data, cybersecurity, agricultural technology, and fintech. By country, 37.5% of European AI IPO candidates sit in the United Kingdom, followed by 18.1% in France and 8.3% in Germany.
PitchBook expects the share of such candidates to continue rising as Europe’s AI ecosystem matures, suggesting the next generation of IPOs is likely to be more technology-led than the last.
