Liftoff Mobile files for IPO with Blackstone as majority owner

Mobile app marketing platform Liftoff Mobile filed its first S-1 document—the registration document filed by companies planning an initial public offering (IPO)—late Tuesday. The filing represents the first step in the company’s process of going public, arriving as other technology companies, such as Discord, explore their own plans to go public. Following the offering, investment firm Blackstone will remain the majority shareholder of the company, according to the S-1 filing. Blackstone acquired the majority of Liftoff’s shares in 2021 during a merger between Liftoff and Vungle. At that time, the finance giant also appointed new leadership, meaning Liftoff is no longer a founder-run company.

The company, which claims that 140,000 apps use its services, disclosed its financial performance in the filing. The figures show a clear distinction between its full-year 2024 results and its performance in the first nine months of 2025:

• Full-year 2024: Revenue of over $519 million, with a net loss of just over $48 million.
• Nine months ended September 30, 2025: Revenue of just under $492 million, with a net loss of $25.6 million.

Additionally, the company disclosed that it is carrying over $1.85 billion in debt.

Liftoff has not yet disclosed the exact size of the offering or the stakes held by its principal shareholders in the S-1 document. However, the IPO research firm Renaissance Capital reports the whisper number—the market estimate for an IPO’s valuation or raise size—at $400 million, indicating what the market expects the company hopes to raise. Despite the relatively small expected size of the listing, it features an unusually large number of bankers underwriting the offering, which is the process by which investment bankers raise investment from investors for a security. The syndicate includes three joint lead bankers—Goldman, Jefferies, and Morgan Stanley—alongside 12 assisting banks and three other financial institutions, including Blackstone. The company is also backed by investment firm General Atlantic.

Why it matters

Liftoff Mobile’s S-1 filing marks the start of its public market journey, highlighting Blackstone’s continued control over the mobile marketing platform post-IPO. The transition will test public investor appetite for scaled mobile ad-tech platforms carrying significant debt.