Funded accounts6.6 millionCompany disclosure · Jun 30, 2026
Private financingUSD 800 millionPrivate financing · Nov 18, 2025
Strategic investment valuationUSD 20 billionPrivate company valuation · Nov 18, 2025
- IPO filing
- Roadshow
- Pricing
- First trade
- Quiet period
- Lockup
Performance since IPO
Confirmed share price history
No published trading history yet
IPO recap
Offering not completed
Kraken filed IPO documents on Nov 19, 2025. IPO date, ticker, and IPO offer price are not yet confirmed.
FiledNov 19
Pricing—
First trade—
Lockup ends—
The short version
Kraken parent Payward confirmed a confidential US IPO submission in November 2025. September 2026 reporting suggested a delay, but no confirmed pricing date or public offering terms were identified.
Key takeaway 1
Confidential submission confirmed; no public prospectus identified.
Key takeaway 2
Reported pause; no company-confirmed new date.
Company in detail
Kraken is the customer brand of Payward, a financial infrastructure group with roots in digital assets. Its offering spans trading and payments, supported by custody, clearing and settlement. An issuer assessment therefore needs to examine the parent group rather than treating one exchange app as the whole business.
Payward confirmed a confidential draft S-1 submission on 19 November 2025. That is an initial regulatory step, not a public prospectus. It does not settle the share count or offer price. Timing remained subject to regulatory review and market conditions.
The preceding financing announcement included a Citadel Securities agreement at a private valuation. Such terms cannot be substituted for an IPO price. Payward’s quarterly disclosures supply additional operating information, with definitions that require care: funded accounts include subaccounts.
A September report described a delay and a possible 2027 window. This is attributed reporting, not a company-confirmed listing schedule. The editorial position remains filed with a reported pause; no formal withdrawal was confirmed in the reviewed material. A public prospectus and updated offering terms are still needed.
Operating metrics
Funded accounts
6.6 millionPositive-balance quarter-end accounts, including subaccounts; not unique people.
Jun 30, 2026Company profile
- Legal name
- Payward, Inc.
- Headquarters
- —
- Founded
- 2011
- Proposed issuer
- Payward, Inc., trading as Kraken
- Co-CEO
- Arjun Sethi
- Products
- Trading, custody, staking and payments
- Customer products
- Kraken, Kraken Pro, Kraken Wallet and Krak
- IPO disclosure
- Confidential draft; no public offer terms in announcement
- Employees
- No published figure
Timeline
- Financing announced
Announced private capital across two tranches.
- Confidential IPO draft
Confirmed a confidential draft S-1 submission.
- Quarterly update
Published Q 2 2026 operating and financial highlights.
Sources
Funded accounts
6.6millionPositive-balance quarter-end accounts, including subaccounts; not unique people.
Private financing
USD 800 millionAnnounced over two tranches including a subsequent strategic agreement.
Strategic investment valuation
USD 20 billionValuation of the Citadel Securities agreement; not an IPO valuation.
Employees
—No published figure
Net income
—No published figure
Operating cash flow
—No published figure
Financials
No reported financial periods with figures available
Revenue
No published financial dataReported financial periods will appear here when available.
No reported period with figures
Financial results are not available in the sources listed here.
Valuation & peers
Price-to-sales, revenue growth and gross margin
Comparable metrics unavailableComparable company figures for the same date are not available.
Revenue growth (%)
| Company | P/S | Growth | GM |
|---|---|---|---|
| Kraken | — | — | — |
| No published peer comparison | |||
Context: Private financing valuations and modeled market values do not establish an IPO valuation. Revenue run-rate is not used here to calculate a price-to-sales ratio.
Private valuation and funding details
Strategic investment valuation
USD 20 billionValuation of the Citadel Securities agreement; not an IPO valuation.
Source · Nov 18, 2025Private financing
USD 800 millionAnnounced over two tranches including a subsequent strategic agreement.
Source · Nov 18, 2025IpoHub score
How we score—Not rated
Balance sheet—
Growth—
Community—
Profitability—
Valuation—
Individual category scores are not available.
Where the money goes
—
Use of proceeds—
Allocation percentages—
Net proceeds—
Details on the use of IPO proceeds are not available.
Key risks
Editorial analysisTrading cycles
Digital-asset activity can change quickly with prices and volatility.
Controls and regulation
Multiple products and jurisdictions increase compliance and custody demands.
Disclosure gap
A confidential filing cannot yet be assessed as a public prospectus.
Deal terms
- Ticker
- Not confirmed
- Exchange
- Not confirmed
- IPO price
- Not confirmed
- Price range
- Not confirmed
- Pricing date
- Not confirmed
- First trading day
- Not confirmed
- Shares offered
- Not confirmed
- Deal size
- Not confirmed
- Underwriters
- Not confirmed
- Greenshoe shares
- Not confirmed
- Lockup
- Not confirmed
- Quiet period expirations
- Not confirmed
Kraken IPO: where and how to invest
Where can I invest in the Kraken IPO?
The Kraken IPO is currently marked as filed; public share trading is not yet confirmed in this profile. If IPO subscriptions become available, you need a broker offering that specific deal to investors in your country. Having an account does not guarantee an allocation. After a confirmed listing, you can look for a broker that supports the relevant exchange.
Can I buy Kraken shares now?
Public trading in Kraken shares is not yet confirmed here. An announced or priced offering does not automatically mean you can buy the stock on an exchange. An IPO subscription and a private share purchase each have separate access requirements.
When is the Kraken IPO?
A confirmed first trading day for Kraken has not yet been published here. Check official company announcements and final offering documents; a planned timetable can change.
What is the Kraken IPO share price?
A confirmed IPO offer price for Kraken has not yet been published here. Private funding valuations and modeled private-market prices do not establish the eventual IPO share price.
What is Kraken's stock ticker and exchange?
A stock ticker for Kraken has not yet been confirmed here. An exchange has not yet been confirmed here. A proposed symbol or exchange does not establish that trading has begun. Verify the final listing announcement before placing an order.
Can I buy Kraken shares before the IPO?
Private transactions or funds may sometimes provide exposure to Kraken if a specific offer exists and you meet its requirements. This profile does not confirm an available private offer. A fund interest may provide indirect exposure rather than direct ownership of company shares. Private investments can have resale restrictions, uncertain valuations and limited exit options; a future IPO is not guaranteed.
Where can I find the Kraken IPO prospectus?
Check Kraken's official investor-relations announcements and publications from the relevant regulator and exchange. The company sources and documents on this page provide a starting point. A confidential submission or an announcement about it is not a publicly available prospectus. Before subscribing, read the final prospectus for the risks, price, share class and offering terms.
More questions about the Kraken IPO
Has Kraken filed?
Payward confirmed a confidential draft S-1 on 19 November 2025.
Is a 2027 IPO confirmed?
No. The September report describes a possible window rather than company guidance.
Is USD 20 billion its IPO valuation?
No. It is associated with the private Citadel Securities agreement.
Learn more about IPO access and private investments: Investor.gov · FINRA
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