Japan’s leading mobile payment app, PayPay, has delayed its U.S. IPO amid market instability and Middle Eastern conflicts, according to reports. Initially set to announce its IPO price range on Monday, March 2, PayPay was targeting a valuation of ¥1.5 trillion ($10 billion).
Founded in 2018 as a joint venture between SoftBank and Yahoo Japan, with technology from India’s Paytm, PayPay saw Paytm sell its remaining shares to SoftBank in late 2024 for about $279 million.
Although 2026 began with optimism for tech IPOs, multiple companies have postponed or canceled their plans after a downturn in software stocks due to concerns over AI replacing traditional software. This instability was exacerbated by U.S. military actions in Iran and consequent regional turmoil.
In January, The Information reported that Motive Technologies, backed by Kleiner Perkins and specializing in dashboard cameras for long-haul trucks, delayed its IPO. Clear Street, a tech brokerage, also retracted its IPO plans last month.
Despite the pause in smaller IPOs, investors still await three potential “mega-IPOs” in 2026: SpaceX, OpenAI, and Anthropic.