Sakana AI

Generative AI · Japan · Capital Markets

IPO

Sakana AI reportedly prepping IPO that could top $4.3B valuation

A listing would test whether public markets will price a foundation-model startup the way venture investors already do.

• Sakana AI, a Tokyo-based generative AI developer, has begun preparing for an IPO in Japan or the U.S. as early as autumn 2027, with a valuation that could exceed Mercari's 680 billion yen ($4.3B) first-day market cap, according to Nikkei.
• Sakana AI was co-founded by former Google Brain and DeepMind researchers David Ha, Ren Ito and Llion Jones to build Japanese-made foundation AI models.
• The company has hired Goldman Sachs as an IPO adviser, with a dual Japan-U.S. listing — potentially including Nasdaq — not ruled out, people familiar with the matter said.
• Sakana AI counts Citi and Mitsubishi Electric among its backers and has signed a deal with Japan's Ministry of Defense to integrate its AI tools into the country's defense sector.
• A valuation above 680 billion yen ($4.3B) would surpass Mercari's 2018 debut market capitalization, making this one of the largest startup IPOs in Japan's history.
• Sakana AI's public relations team said no formal decision on an IPO has been made, leaving the timeline and listing venue still undecided.
• If it proceeds, this would be the first IPO by a Japanese company focused solely on generative AI, setting an early benchmark for how public markets value foundation-model startups outside the U.S.