Japan’s foremost mobile payment platform, PayPay, has seemingly delayed its U.S. initial public offering amid market instability and ongoing conflicts in the Middle East.

The firm intended to announce its IPO price range on Monday, March 2. PayPay was targeting a valuation of no less than ¥1.5 trillion ($10 billion), according to Bloomberg.

Established in 2018 as a collaboration between SoftBank and Yahoo Japan, with technical input from India’s Paytm, PayPay saw Paytm divest its remaining shares to SoftBank for around $279 million in late 2024.

Although 2026 began with optimistic aspirations for technology IPOs, numerous firms have either retracted or postponed their listing ambitions following a downturn in software stocks, spurred by concerns that AI may eventually make conventional software redundant. The markets have also been unsettled by U.S. military actions against Iran and the ensuing turmoil in adjacent nations.

In January, Motive Technologies, supported by Kleiner Perkins and known for its dashboard cameras designed for long-distance trucks, deferred its IPO, as reported by The Information. Furthermore, Clear Street, a tech brokerage, withdrew its IPO intentions last month.

While the landscape for smaller public listings is currently stagnant, investors are still looking forward to three potential “mega-IPOs” in 2026: SpaceX, OpenAI, and Anthropic.