UPDATE 2-Blackstone-backed Liftoff Mobile postpones US listing, Bloomberg News reports

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- Blackstone-backed Liftoff Mobile has postponed its planned U.S. listing, Bloomberg News reported on Thursday, citing people familiar with the matter.

The delayed-IPO plans come amid a selloff in software and IT-linked stocks, as investors fear disruption from the latest generative AI offerings from the likes of Anthropic and its Claude Cowork.

More than $800 billion has been wiped from the S&P 500 software and services index's .SPLRCIS market cap since January 28, as investors weigh whether AI has shifted from a tailwind for many of these companies to a potential disruptor.

Liftoff was targeting a valuation of up to $5.17 billion in its U.S. listing, aiming to raise up to $762 million.

For Blackstone, the delay marks a hiccup in what the firm has called "one of the largest IPO pipelines" in its history.

Details may change and the offering could be rescheduled at a later date, the Bloomberg report added.

Silicon Valley has for decades pursued a software-as-a-service business model for commercial scale, making software a major allocation in the portfolios of several alternative asset investors, whose private credit portfolios also include loans to the sector.

Earlier on Thursday, KKR KKR.N, Blue Owl OWL.N, and Ares Management ARES.N disclosed that software assets accounted for 6% to 8% of their portfolios, while their leaders expressed confidence in asset quality despite the market meltdown.

Still, with IPO markets still recovering from a years-long lull, Liftoff's pause could spark soul-searching in several boardrooms that might have been eyeing a listing this year.

Liftoff provides mobile app developers with tools to acquire users and grow their businesses. The platform has roughly 1.4 billion daily active users worldwide.

In 2021, Blackstone BX.N combined its portfolio companies Liftoff and Vungle to form ‍Liftoff Mobile, which has grown rapidly under CEO Jeremy Bondy.

Reuters could not immediately verify the report. Blackstone and Liftoff did not immediately respond to our requests for comment.