Payward, Kraken parent, postpones U.S. IPO to as early as Q2 2027, reports say

Kraken parent Payward has delayed its U.S. IPO to as early as the second quarter of 2027, according to multiple reports citing people familiar with the matter and the company’s prior SEC filing timeline ^{[1] [2] [3]}.

Payward confidentially filed a draft S-1 registration statement with the SEC in November 2025, then put its IPO plans on hold due to difficult market conditions affecting crypto prices, trading volumes, and valuations ^{[1] [2]}.

CoinDesk and other reporting link the delay to the company already having raised $800 million shortly before the S-1-related timeline, including $200 million from Citadel Securities, and point to Payward reporting second-quarter adjusted revenue of $508 million (up 17% year over year) in its update coverage ^[1].

Crypto Briefing characterized the IPO delay as reflecting volatility and structural challenges in the crypto market that can affect investor confidence and future listings, presenting this as an interpretation rather than a directly sourced company statement ^[4].