Key Takeaways:
Quantexa, the British AI firm valued at $2.6 billion, is weighing a multibillion-dollar listing in London or New York that will test whether the UK can retain its most promising technology companies.
Quantexa, the British AI firm valued at $2.6 billion, is weighing a multibillion-dollar listing in London or New York that will test whether the UK can retain its most promising technology companies.
"We can list in the UK or the U.S., or both," Vishal Marria, chief executive of Quantexa, said, adding the company has not decided when to pursue a public offering and could remain privately held.
A New York listing would deal a further blow to London's stock market, which has lost ARM Holdings to Nasdaq and Flutter Entertainment to a US primary listing. Marria said the US offers a deeper pool of capital and the potential for a higher valuation than the UK.
An IPO could value Quantexa above $3 billion, up from the $2.6 billion post-money valuation it fetched in a $175 million Series F round in March 2025 led by Teachers' Venture Growth, part of Ontario Teachers' Pension Plan. The company has raised roughly $500 million since its founding in 2016 and crossed the $1 billion unicorn threshold in 2023.
UK contracts and data sovereignty
Some British politicians and technology executives have argued public bodies should favor domestic providers over US rivals such as Palantir, whose federated data platform is used by the UK's National Health Service. Marria, however, said data sovereignty depends less on where a supplier is headquartered and more on whether customers can retain ownership and control of their data and move it elsewhere when contracts end.
Earlier this year, Quantexa announced a £175 million ($223 million) contract with Britain's revenue and customs agency to combine internal and external data sources to improve fraud and error detection. The company is also competing for the NHS's planned single patient record programme, which would allow staff to access a patient's medical history through a single system, Marria said.
Warburg Pincus stake sale
Separately, minority shareholder Warburg Pincus is working with adviser Citigroup to explore options for its 9-10 percent stake in the London-headquartered company, including a possible sale, two people with knowledge of the matter told Reuters. The potential stake sale has not previously been reported. Other investors could also sell shares as part of the process, the sources said, speaking on condition of anonymity because the discussions are private.
The process is at an early stage, and Warburg Pincus is expected to launch an auction later this year, the people said, cautioning a deal is not guaranteed. Warburg Pincus first invested in July 2021, leading a $153 million Series D round.
Quantexa employs between 800 and 891 people and serves clients in more than 70 countries, with customers concentrated in heavily regulated industries. It competes with established players like Palantir, NICE Actimize and SAS, and pre-IPO shares are already available to accredited investors on platforms such as EquityZen and Forge Global.
This article is for informational purposes only and does not constitute investment advice.
