Liftoff Mobile, Inc. has filed an amended registration statement for its initial public offering, positioning the mobile performance advertising platform to access the public markets as IPO activity selectively reopens in early 2026. The company plans to list its shares on Nasdaq under the ticker LFTO, with the offering expected to price within a proposed range of $26.00 to $30.00 per share, implying an equity value of approximately $4.8 billion at the midpoint and gross proceeds of roughly $711 million, before underwriting expenses. The offering is being led by Goldman Sachs & Co. LLC, Jefferies, and Morgan Stanley as joint book-running managers.
Liftoff operates a mobile-first advertising and app monetization platform designed to help developers acquire, retain, and monetize users across global mobile ecosystems. The company focuses on performance-driven advertising, leveraging data, machine learning, and automation to optimize campaign efficiency and advertiser return on investment. This positioning places Liftoff squarely within the performance marketing segment of the broader digital advertising market, which has continued to attract spending even amid more volatile brand advertising cycles.
Financially, Liftoff stands out among recent and prospective ad-tech issuers due to its operating profitability. For the nine months ended September 30, 2025, the company generated $491.6 million in revenue and reported positive GAAP income from operations, reflecting improving cost discipline and operating leverage as revenue scales. While the company continues to report a net loss, that result is driven primarily by interest expense and non-operating items rather than core business performance, a distinction likely to be closely watched by institutional investors evaluating earnings quality.
From an ownership and governance perspective, Liftoff transitions to the public markets from private equity sponsorship. Affiliates of Blackstone controlled a majority of the company’s voting power prior to the offering, and while that control is expected to decline following the IPO, Liftoff may continue to qualify as a controlled company under Nasdaq governance standards. The company is also classified as an emerging growth company, allowing for reduced disclosure requirements during its early years as a public issuer.
In the public markets, Liftoff is most comparable to mobile-focused advertising and performance marketing platforms such as AppLovin, The Trade Desk, Unity Software, and Digital Turbine. These peers span a wide range of scale and valuation, from premium, high-margin advertising platforms to lower-multiple mobile monetization companies facing growth and profitability challenges. At an implied valuation of approximately 7x forward revenue, Liftoff prices below best-in-class platforms like AppLovin and The Trade Desk, while trading at a premium to slower-growth or structurally challenged ad-tech peers. Importantly, Liftoff’s positive GAAP operating income distinguishes it from several mid-tier competitors, positioning the company as a scaled, profitable advertising platform rather than a speculative growth story.
As Liftoff moves closer to pricing, investor focus is likely to center on the durability of mobile advertising demand, the company’s ability to sustain margin expansion, and how its valuation compares to established public peers in a market that remains selective toward technology IPOs. With meaningful scale, improving profitability, and exposure to performance-driven ad spend, Liftoff’s offering may serve as a useful gauge for investor appetite toward profitable ad-tech platforms entering the public markets.
Look for Liftoff to take flight on Friday, February 6th, 2026