PayPay, Japan’s leading mobile payment app, has reportedly postponed its U.S. IPO due to market volatility and recent conflict in the Middle East.

The company was planning to release its IPO price range on Monday, March 2. PayPay aimed for a valuation of at least ¥1.5 trillion ($10 billion), Bloomberg reported.

PayPay was founded in 2018 as a joint venture between SoftBank and Yahoo Japan, with technical collaboration from India’s Paytm. In late 2024, Paytm sold its remaining stake to SoftBank for approximately $279 million.

While 2026 opened with high expectations for tech IPOs, several companies withdrew or delayed their listing plans following a sell-off in software stocks, fueled by fears that AI could eventually render traditional software obsolete. Markets have been further shaken by U.S. strikes on Iran and the related upheaval of other countries in the region.

In January, Kleiner Perkins-backed Motive Technologies, which develops dashboard cameras for long-haul trucks, postponed its IPO, The Information reported. Additionally, Clear Street, a tech brokerage, withdrew its IPO plans last month.

While the market for smaller listings is currently at a standstill, public investors are still anticipating three possible “mega-IPOs” in 2026: SpaceX, OpenAI, and Anthropic.