PitchBook's latest analysis report shows a significant contraction in the number of potential IPO candidates in Europe this year, with the backlog nearly halving. Currently, only 223 companies in Europe have a high probability of going public, a 40.2% decrease from the 373 companies projected in the 2025 outlook. Among these, only 10 companies have an IPO probability exceeding 90%, a sharp drop from 32 a year ago. The total valuation of these companies is approximately €232 billion (approximately $268 billion), with Revolut alone accounting for €200 billion. The report indicates that future growth in the IPO pipeline may come from the artificial intelligence sector, with AI companies currently representing one-third (72 companies) of Europe's IPO candidates, and 7 of them having a 90% or higher likelihood of going public. PitchBook expects that as Europe's AI ecosystem matures, the share of AI IPO candidates will continue to rise, and the next generation of IPOs may be more technology-led.