INTRODUCTION Contributed by: George Casey
High-growth sectors such as AI and cloud services, highlighted by CoreWeave’s USD1.5 billion listing, alongside crypto and fintech companies such as eToro (USD620 million), Gemini (USD3.3 billion), Cir- cle (USD1.1 billion) and Klarna (USD1.37 billion), have been at the forefront of market activity. Notably, both CoreWeave and Circle demonstrated robust post-IPO performances. Many tech firms – especially those without a clear path to profitability – remain cautious, with some delaying IPO plans due to lingering market volatility and regulatory uncertainty. However, the IPO window has clearly reopened, with issuers adopting a more disciplined approach that emphasises valuation, sus- tainability and investor readiness. The market continues to mature, with investors show- ing a clear preference for businesses that display prof- itability, resilience and a commitment to innovation, prioritising those with robust fundamentals, clear AI strategies and scalable business models that favour growth. Looking ahead, the pipeline is robust. Renais- sance Capital forecasts 40 to 60 more IPOs by year- end 2025, with a backlog of profitable tech unicorns including Revolut, Canva, Space X and Stripe. SPACs Making a Comeback Using a special purpose acquisition company (SPAC) investment vehicle to go public, rather than going through a traditional IPO, typically provides a faster and more flexible route to public markets for tech companies looking to raise capital quickly to fund growth. The valuation is negotiated privately between the SPAC and the target company (and not determined by market demand during an IPO), which can benefit high-growth tech companies with limited profitability, and which may be undervalued in a traditional IPO. Following waning enthusiasm since 2022, SPACs saw a strong resurgence in 2025, raising USD11 billion and making up 65% of US IPO volume by mid-year. This comeback was fuelled by political and market shifts – especially a more business-friendly Securities and Exchange Commission under the Trump administra- tion, which eased enforcement of SPAC regulations.
As a result, SPACs have once again become an attrac- tive and flexible alternative route to public markets compared to traditional IPOs, despite ongoing con- cerns about their long-term viability. Spin-Offs In 2025, spin-offs gained momentum among tech companies as a strategic way to streamline operations and unlock shareholder value. Firms are separating high-growth units, especially in AI and semiconduc- tors, from legacy businesses to improve focus and capital efficiency, often under pressure from activist investors. Heading into 2026, the trend is expected to continue, with a strong pipeline of announced spin-offs from major players such as Honeywell and Comcast. This reflects a broader shift towards agile, modular cor- porate structures, and data shows that spin-offs are outperforming broader market indices. While not all succeed, spin-offs remain a favoured tool for tech firms navigating competitive and financial pressures. Using This Guide As cross-border technology deals are often very com- plex and involve different legal regimes and cultures, we have organised this guide by country and asked each country’s contributor to address the same set of issues that a technology company going through its lifespan faces – from incorporation, early funding and venture capital rounds to the ultimate goal of being a public company or being sold at a high premium. We hope that you find this guide useful as you consider global deals.
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