Geopolitical drama is said to derail SoftBank-backed PayPay’s IPO

PayPay, Japan’s leading mobile payment app, has reportedly postponed its US IPO due to market volatility and the recent conflict in the Middle East.

The company was planning to release the price range for the IPO on Monday, March 2. Bloomberg reported that PayPay is aiming for a valuation of at least 1.5 trillion Japanese yen (US$10 billion).

PayPay was founded in 2018 as a joint venture between SoftBank and Yahoo Japan, with technical cooperation from India’s Paytm. In late 2024, Paytm sold its remaining stake to SoftBank for approximately $279 million.

While 2026 opened with high expectations for technology IPOs, many companies have withdrawn or delayed their listing plans after a widespread sell-off in software stocks, fueled by fears that artificial intelligence may eventually make traditional software obsolete. The markets were further shaken by the US strikes on Iran and the related unrest in other countries in the region.

In January, Kleiner Perkins-backed Motive Technologies, which develops dashboard cameras for long-haul trucks, postponed its initial public offering, The Information reported. Additionally, Clear Street, a technology brokerage, withdrew its plans to go public last month.

While the micro-listing market is currently at a standstill, public investors are still anticipating three potential “mega-IPOs” in 2026: SpaceX, OpenAI, and Anthropic.