Last Thursday, Jersey Mike’s filed for IPO.
The filing reflects where private markets stand today: activity is recovering, but mostly at the top.
Buyout activity is being driven by $1B+ transactions
IPO exits are surging, while sponsor-to-sponsor and corporate sales are falling
Read the full breakdown below.
This Week’s Reads
US IPO Market, 2Q 2026 Quarterly Review (Renaissance Capital)
Q2 2026 US PE Breakdown (Pitchbook)
Jersey Mike’s IPO
Last Thursday, Blackstone-backed Jersey Mike's Subs filed for an IPO.
The company is targeting a $1B raise at a $12B valuation, a healthy premium to Blackstone’s $8B entry valuation just two years ago.
The timing isn't coincidental. Jersey Mike's is riding the strongest IPO market since 2021, led by SpaceX's record-breaking $75B listing in June.
But the IPO market also reflects a broader private markets trend: large, high quality companies are driving the recovery.
Bifurcated Market
US PE deal activity recovered sharply in 2025, approaching 2021 record levels.
But deal activity by size tells a more complicated story.