xStock is about to launch its second IPO again.

Will the users who were fooled the first time and the CEXs join in again this time?
This company is quite special: it doesn’t have any core operating business of its own. Its business is merging with and acquiring other companies:
Acquire mature but inefficient software products → cut costs → rebuild the technology and subscription system → improve cash flow → acquire again.
Products it has acquired or operated include Evernote, WeTransfer, Meetup, StreamYard, komoot, Harvest, MileIQ, etc.; the 2026 SEC filings also mention acquisitions such as Eventbrite and tractive.
Key selling points: high growth, a large number of users, and a compounding business-model “flywheel.”
Negative factors: high financial leverage, an overly aggressive strategy, and an IPO valuation that’s on the expensive side (around $20 billion).