The pool of European IPO listing candidates has substantially shrunk this year, even as the window remained open. AI companies are expected to drive the next wave. Europe has 72 AI IPO candidates, including seven with a 90% or higher probability of listing on the public markets. By country, 37.5% of European AI IPO candidates sit in the UK, followed by 18.1% in France and 8.3% in Germany. PitchBook expects the share of AI IPO candidates to continue to rise as Europe's AI ecosystem matures, suggesting the next generation of IPOs is likely to be more technology-led than the last.