Europe's waiting list of companies eyeing public offerings just got cut in half. PitchBook data shows the pipeline dropped from 373 deals at the start of 2025 to 223 by mid-2026, a 40% plunge in 18 months. Meanwhile across the Atlantic, US exchanges are drowning in AI and space stock filings. The gap between markets keeps widening.

American banks are feasting on blockbuster names like OpenAI and SpaceX. European counterparts are watching from the bleachers. Mistral AI is really the only heavyweight AI play brewing on the continent right now. Revolut could change that story if it finally pulls the trigger on going public, but even London's appetite for large listings feels shaky.

The culprit is straightforward. European investors still favor the old playbook, defense and industrial stocks, while cutting-edge AI ventures struggle to find buyers locally. Nobody's excited about the next generation of tech, they want what they know. That split in appetite cascades down fast.

Where blockchain enters the picture

Here's where things get weird for crypto. Kraken launched SPCXx, a tokenized equity product that wraps SpaceX pre-IPO stock in blockchain. It's a direct way for crypto-native traders to get exposure to hot companies without touching traditional brokers. The model works. As US deals heat up, more of these products will probably follow.

But there's a dark side. AI-themed tokens including TAO, NEAR, and the FET/ASI Alliance token got hammered in June 2026 when OpenAI's IPO timeline shifted. The coins tanked because traditional finance news rippled straight into the blockchain. Traders holding these positions now monitor TradFi calendars as closely as on-chain metrics.

Revolut's future listing matters more than it looks. If a major fintech can still pull off a respectable IPO in Europe, it signals the continent hasn't entirely lost its mojo. If it stumbles, expect more founders to relocate to the US and more European capital chasing returns stateside.

This article is informational only and should not be considered financial advice. Crypto and IPO markets involve significant risk.