Airwallex President Lucy Liu on the Company’s Plans to Be ‘IPO-Ready’

Airwallex president Lucy Liu has stated that her company won’t rush to go public despite having a robust growth trajectory and substantial funding rounds under its belt. The Australian-born payments firm, which serves over 675,000 businesses and boasts annualized run rate revenue of over $1 billion, had initially set its sights on a U.S. IPO in 2026. However, with the increasingly crowded and complicated IPO market, Airwallex is taking a more measured approach.

The current IPO landscape is fraught with challenges, as evidenced by recent debuts such as SpaceX and SK Hynix’s massive ADR sale. Several high-profile IPOs are already in the pipeline for 2026, making it difficult for smaller companies like Airwallex to stand out. Even larger players, such as Klook, a travel platform, filed for an NYSE listing last November but have since gone quiet.

Investors increasingly favor later-stage investments, which means startups must demonstrate success before securing funding. This trend is evident in Airwallex’s June funding round, a “Series H” round that raised hundreds of millions without an IPO on the horizon. Liu has noted this shift towards more mature companies, leaving many startups struggling to secure funding.

Airwallex’s IPO plans are complicated by its ambitions in the U.S. market. The company recently shifted its headquarters from Australia to Singapore and San Francisco but faces scrutiny over its expansion into sensitive American data. Last November, venture capitalist Keith Rabois accused Airwallex of being a “Chinese backdoor into sensitive American data,” sparking a CFIUS investigation.

While Airwallex can afford to wait, the risk of delaying too long is real. Companies like Shein and Airtable took significant valuation hits after failing to secure IPOs or selling at steep discounts. Will Airwallex learn from these cautionary tales, or will it become the next high-profile casualty of a delayed IPO?

The current IPO market is beset by challenges that make it increasingly difficult for growth-stage startups to navigate. The preference for later-stage investments has left many startups struggling to secure funding. Even larger players are facing significant headwinds, with Klook and Shein being notable examples.

Airwallex’s decision to delay its IPO plans raises important questions about timing and risk management. With the market becoming increasingly crowded and complicated, it’s no wonder that companies are opting to wait rather than rush into an uncertain environment. However, there is a fine line between caution and complacency. Companies that delay too long can face severe consequences.

The proliferation of series rounds has transformed the funding landscape for startups. With companies like Databricks reportedly preparing to launch massive funding rounds, investors are becoming increasingly cautious. Airwallex’s own “Series H” round is a prime example of this trend, where investors are willing to take risks on established players with strong growth trajectories.

Airwallex’s future plans remain unclear, but one thing is certain: the company’s decision will have significant implications for the broader startup ecosystem. In a world where growth-stage startups are increasingly wary of going public, Airwallex’s approach is both cautionary and illuminating. Will it set a new standard for risk management in the IPO market, or will it become a cautionary tale for would-be founders? Only time will tell.