In one of the strongest signs yet that demand for stock listings is rebounding, four different tech firms today filed to go public.

Two of the companies, Netskope Inc. and StubHub Inc., will opt for a traditional initial public offering. They will be joined by two lesser-known tech firms, Infleqtion Inc. and CoinShares International Ltd., that have opted for a SPAC merger. A SPAC merger is a transaction in which a private company enters the stock market by merging with a publicly traded investment vehicle.

Netskope 

Netskope operates a SASE, or security access service edge, platform called Netskope One. It enables companies to establish network connections between remote assets such as data centers and branch offices. Netskope also provides cybersecurity tools for protecting the traffic that flows across those connections. 

The company first announced its plans to go public last month. In a newly published filing, Netskope disclosed that it hopes to sell 47.8 million shares for between $15 and $17 apiece. The IPO could fetch $833 million at the top end of the range.

The offering is expected to value Netskope at up to $6.5 billion, or $1 billion less than what it was worth following a 2021 funding round. However, the SASE provider could achieve a higher valuation if it increases its target share price. Companies revise the target range when there’s stronger than expected investor demand for an IPO.

StubHub

StubHub operates an online marketplace for reselling event tickets. In 2024, more than 1 million users sold about 40 million tickets through the platform. The total value of the transactions processed by StubHub grew 27% on a year-over-year basis.

The company disclosed today that it hopes to sell about 34 million shares for $22 to $25 per share. That puts the company on track to raise as much as $851 million at a valuation of $9.2 billion. StubHub’s shares will list on the New York Stock Exchange under the ticker symbol “STUB.”

Emerging technology SPAC deals 

Infleqtion, the first company that filed for a SPAC merger today, makes quantum computers powered by neutral atom qubits. A neutral atom doesn’t have an electric charge because it has an identical number of protons and electrons. Infleqtion also makes sensors that can track the time, pick up radio signals and identify a device’s location.

Infleqtion plans to merge with a SPAC called Churchill Capital Corp. at a valuation of $1.8 billion. It expects to raise more than $540 million through the transaction. About a quarter of the capital will be provided incrementally in the form of a PIPE, or private investment in public equity.

Infleqtion disclosed today that it generated $29 million in revenue during the 12 months through June 30. It has a sales backlog worth $50 million. Furthermore, the company claims to have “identified a potential customer pipeline” that could be worth more than $300 million.

CoinShares, the other company going public via a SPAC merger, operates so-called crypto ETPs. Those are publicly traded funds that enable traders to invest in digital assets without having to maintain their own cryptocurrency reserves. Some of CoinShares’ ETPs track the value of individual cryptocurrencies such as Bitcoin, while others are tied to multiple digital assets.

The company will merge with a SPAC called Vine Hill Capital Investment Corp. According to CoinShares, a “fundamental institutional investor” plans to provide $50 million in funding as part of the transaction. The cash infusion will give it a pre-money valuation of $1.2 billion.

CoinShares plans to list its shares on a yet-unspecified North American stock exchange. According to the company, the listing is meant to accelerate its growth in the U.S. CoinShares plans to launch several new crypto ETPs geared toward U.S. investors. 

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