Web3Labs Global

Upcoming IPO
Web3 / Blockchain Services

Web3Labs Global Inc. is a Cayman Islands holding company that operates through its Hong Kong subsidiary, Web3hub Global, providing Web3 strategic consulting, incubation and acceleration programs, business services, and event organization across Asia.

Retail Platform Availability

Retail access confirmed on Webull; other platforms to be announced.

  • Robinhood
  • eToro
  • SoFi
  • Webull
  • MooMoo

IPO Snapshot

  • Expected IPO dateSept. 4, 2026
  • Proposed tickerMDAT
  • ExchangeNasdaq Capital Market (applied)
  • Price range$4.00 – $5.00
  • Shares offered6.25M Class A (+15% over-allotment)
  • Offering size~$25M
  • Lead underwriterEddid Securities USA Inc.
  • SectorWeb3 / Blockchain Services
  • F-1 filedMay 13, 2026 (amended Jun 9)
  • StructureCayman holdco / HK operating sub

The Street Says

2.0/ 5
Positive: 0
Neutral / Mixed: 1
Negative: 2
Sell / Avoid
My outlook is to Sell (avoid) the MDAT IPO due to unpredictable results, execution risk, and a 54× EV/Revenue multiple.Seeking Alpha / IPO Edge
Neutral
At the midpoint of the proposed range, Web3Labs Global would command a market cap of $141 million.Renaissance Capital
Bearish / Cautious
When a consulting firm asks 54× revenue because its clients are blockchain companies, you are not being sold consulting. You are being sold a word.Curved Trading

Bull vs. Bear

What the Bulls Say

  • FY2025 revenue up 862% (HK$17.3M)
  • Expanding Web3 consulting/incubation market in Asia
  • Profitable: net income HK$0.8M in H1 FY2026
  • Backed by regional hubs across Asia
  • Established Web3 ecosystem presence since inception
VS.

What the Bears Say

  • Heavy customer concentration (top 3 = 90% of FY2025 revenue)
  • Dual-class structure: G-Rocket holds ~79.7% voting power
  • Holding company with no material operations of its own
  • Micro-cap ($25M offering) with limited liquidity expected
  • Intense competition in Web3 services; PRC regulatory exposure

Things to Know

MetricValue
Revenue (FY2025, ended Jun 30)HK$17.3M (US$2.2M)
YoY growth+862%
Net income (H1 FY2026)HK$0.8M (US$0.1M)
Cash (Dec 31, 2025)HK$19.5M (US$2.5M)
Working capitalHK$28.2M (US$3.6M)
Post-IPO shares outstanding32.19M
Customer concentration (Top 3)90%
Retained earningsHK$8.2M (US$1.1M)
Risk factorsExtensive (see F-1)

Biggest disclosed risks

  1. Revenue declined 2.5% in H1 FY2026 vs prior period
  2. Three key customers drove 90% of FY2025 revenue
  3. Dual-class control concentrated in G-Rocket (~79.7% votes)
  4. PRC and digital-asset regulatory uncertainty

Analyst & Media Activity

Press & filing activity012345MayJunJulAugSep 3Sep 4May 13F-1 filedJun 9F-1/A amendedJulQuiet periodAugAnalyst coverageSep 3Offering closesSep 4Expected trade
3Analyst reviews
3F-1 filings (F-1, F-1/A, FWP)
1Amendment filed Jun 9
View SEC filings

Source: Web3Labs Global Inc. F-1/A filed Jun. 9, 2026 (SEC Reg. No. 333-295818); expected trade date Sept. 4, 2026 per offering calendar.

Techflier / Techflier IPO Watch provides information for educational purposes only and is not investment advice. Always do your own research before making investment decisions.