What seemed like a promising comeback for tech IPOs has suddenly hit a wall. Fintech leader Klarna and ticketing platform StubHub are putting their public listing plans on hold as investor confidence takes a hit from former President Donald Trump’s latest tariff announcement.
The two companies were among the most anticipated IPOs of the year, each aiming to raise at least $1 billion. Just weeks ago, they filed their public registration documents, with plans to launch investor roadshows as early as next week. Those plans have now been shelved.
According to The Wall Street Journal, the decision to delay came after a sharp decline in public stock markets. This drop followed Trump’s declaration of sweeping new tariffs, reigniting fears of a global trade war and shaking market stability.
Klarna, the Swedish buy-now-pay-later giant, had been eyeing a U.S. listing as part of its strategy to expand its presence in the competitive global fintech space. Meanwhile, StubHub, a leading online ticket marketplace recently spun off from Viagogo, was also gearing up for a major market debut.
But both companies now face the same reality: volatile markets and jittery investors.
The hesitation reflects broader concerns about timing and market conditions. After a long lull in IPO activity throughout 2023, this year showed early signs of recovery. A few successful tech listings hinted that the IPO window might be opening again. But the renewed political uncertainty has cast fresh doubt on how long that window will stay open.
The Klarna IPO delay is particularly significant. As one of Europe’s most valuable fintech unicorns, its decision could influence other late-stage startups still weighing the risks of going public.
For StubHub, the postponement is equally telling. With live events returning and the ticketing business booming post-pandemic, the company had strong tailwinds. Yet even favorable market trends aren’t enough to overcome the current instability.
As global investors wait for more clarity, Klarna and StubHub’s cautious approach sends a clear signal: the IPO recovery may be slower and more fragile than many had hoped.
