Blackstone, General Atlantic-backed Liftoff Mobile files for IPO

As more tech companies consider going public, Liftoff Mobile has taken its first formal step toward an initial public offering. The company filed its initial S-1 registration document late Tuesday, beginning the IPO process.

Liftoff Mobile has not yet disclosed the size of the offering or detailed the stakes held by its principal shareholders. However, IPO research firm Renaissance Capital reports a “whisper number” of around $400 million, reflecting market expectations for the company's target raise.

Liftoff Mobile provides a platform that helps mobile app developers market and grow their applications. The company was formed in 2021 through the merger of Liftoff and Vungle. At that time, Blackstone acquired a majority stake and installed new leadership, meaning the business is no longer founder-led. According to the S-1 filing, Blackstone will remain the majority shareholder following the public offering. General Atlantic is also a major backer.

Despite the relatively modest size of the IPO, the offering features a large group of underwriters. The deal lists Goldman Sachs, Jefferies, and Morgan Stanley as joint lead underwriters, alongside 12 additional banks assisting with the sale. Three other financial institutions, including Blackstone, are also involved in the process. The large syndicate could signal strong investor interest or a desire to distribute risk across multiple firms.

In its filing, Liftoff stated that more than 140,000 apps use its services. The company reported revenue of over $519 million in 2025, alongside a net loss of slightly more than $48 million. It also disclosed that it is carrying more than $1.85 billion in debt.