Commodities trading platform Xpansiv is currently revving up to its IPO on the Australian Stock Exchange later in 2022. It raised more than $100 million in funding over the past 2 years, but has recently upped its pre-IPO raise to $100 million.
The company, which trades carbon credits, energy, and water, recorded revenue of $305 million in 2021, a 374% increase on the previous year. It hosts roughly 90% of all global carbon credit transactions.
Formed by a merger of Australian company CBL Markets and American company Xpansiv, it’s used by big names such as Goldman Sachs, Walmart and Tesla. Companies buy carbon credits on Xpansiv to offset their carbon production.
Like other trading platforms, Xpansiv matches companies looking to fulfill their carbon net-zero pledges with carbon credit providers. Considering the global push towards carbon net-zero, Xpansiv is perfectly placed to take advantage of the market.
The company expects to raise more than $500 million over the next few months. Combined with its current assets and funds, this would give the company a valuation of roughly $2 billion ahead of its IPO.
Xpansiv recently acquired APX Inc., a registry provider for energy and environmental markets. It also hinted at its upcoming Moonraker project, expected to be worth more than $100 million.
It’s unsurprising that Xpansiv would choose to launch these projects in the run-up to its IPO, as they highlight its market position and value. It is fair to assume that the move towards carbon net-zero initiatives will be very kind to Xpansiv in the coming months.