Ledger, the world’s leading manufacturer of crypto hardware wallets, is reportedly moving forward with plans for a massive initial public offering (IPO) in the United States. According to new reports emerging Friday, the Paris-based security giant has enlisted Goldman Sachs and Barclays as lead underwriters, targeting a valuation exceeding $4 billion. This potential listing marks a pivotal moment for the digital asset industry, signaling that infrastructure and security companies are ready to command premium valuations on Wall Street in 2026.
Ledger IPO News: A $4 Billion Security Play
The anticipated Ledger IPO news comes amid a period of explosive growth for the self-custody sector. Sources familiar with the deal indicate that Ledger is aiming for a valuation of over $4 billion—a significant leap from its $1.5 billion valuation during its 2023 fundraising rounds. Alongside Goldman Sachs and Barclays, the firm has reportedly engaged Jefferies to help structure the offering, which could hit the New York Stock Exchange as early as late 2026.
For investors, this represents one of the most significant Goldman Sachs crypto IPO mandates since the last bull cycle. Ledger’s decision to list in the U.S. rather than Europe underscores the dominance of American capital markets for tech and crypto listings. CEO Pascal Gauthier had previously hinted at this direction in late 2025, noting that "the money is in New York" when it comes to deep liquidity for digital asset companies.
Driving the Valuation: The Self-Custody Surge
The aggressive Ledger 4 billion valuation is supported by record-breaking financials. Reports suggest Ledger’s 2025 revenue hit the triple-digit million-euro range, fueled by a retail exodus from centralized exchanges toward self-custody security tech. Following a year where Chainalysis estimated over $17 billion was lost to crypto scams and exchange hacks, individual investors are prioritizing physical security more than ever.
Market analysts point to the success of Ledger’s newer premium devices, such as the Ledger Stax and Ledger Flex, as key drivers of this revenue growth. These devices have modernized the user experience, making digital asset security accessible to non-technical users and expanding Ledger’s total addressable market beyond early crypto adopters.
Why Hardware Wallets are Winning
Unlike exchange-based custody, a crypto hardware wallet gives users full control over their private keys. This "not your keys, not your coins" philosophy has transitioned from a niche slogan to a mainstream standard. With the regulatory clarity provided by recent U.S. frameworks, institutional interest in secure, cold-storage solutions has also spiked, positioning Ledger as a dual-threat provider for both retail and enterprise clients.
Hardware Wallet IPO 2026: What to Expect
As the first major hardware wallet IPO 2026, Ledger’s listing will test public market appetite for pure-play crypto infrastructure. Unlike exchanges that rely on trading volume volatility, Ledger’s business model is built on hardware sales and recurring revenue from its Ledger Live services. This recurring revenue component is likely a key selling point for the underwriters at Goldman Sachs.
If successful, the IPO could trigger a wave of listings for other infrastructure firms. However, the company faces stiff competition from rivals like Trezor and frantic innovation in the mobile wallet sector. Investors will be watching closely to see if Ledger can maintain its estimated 20% global market share of crypto assets secured.
While the deal is not yet finalized, the involvement of top-tier banks suggests confidence in Ledger’s trajectory. As the industry matures, the transition of a hardware manufacturer into a publicly traded entity would be a landmark event, validating the critical role of self-custody in the future of finance.
