IPO Readiness

From high-growth to IPO ready: Building public company infrastructure

Client

Pre-IPO AI infrastructure company

Industry

Artificial Intelligence / Technology Infrastructure

  • SEC Reporting and Compliance
  • S-1 Filings
  • Lease Accounting
  • Revenue Recognition
  • Cross-Functional Coordination and Stakeholder Alignment
  • Process Enhancement

The Challenge: Preparing a lean, fast-growing company for the public markets

A private, disruptive AI hyperscaler company that provides critical GPU power to top global tech companies for their own AI platforms was preparing for an initial public offering (IPO) with a rapidly accelerating timeline. As one of the fastest-growing players in a complex, emerging space, the company faced several challenges across its accounting and finance organization, including:

  • Limited internal bandwidth: A lean finance team with minimal IPO experience was tasked with executing an enterprise-wide transformation in parallel with ongoing operations.
  • High technical complexity: The company’s operations included nuanced revenue streams, complex lease arrangements, and rapidly evolving equity structures – all of which required significant and advanced technical accounting support.
  • Aggressive timeline and high visibility: With large investors, high-profile customers, and a near-term S-1 target, there was no room for missteps.
  • Cross-functional coordination: The company needed to align multiple service providers across audit, tax, technical accounting, and advisory workstreams – without overburdening internal leadership.

The Solution: Delivering IPO-ready infrastructure with trusted leadership and execution

The client’s IPO path was intense, complex, and demanding. To assist with both the scale and level of transformation required, the client leveraged multiple service-providers across audit, advisory, transformation, thought-leadership, and other workstreams. With such a variety of teams and specializations, Siegfried’s relationship-driven approach took center stage, propelling all stakeholders to successful value delivery.

A longstanding relationship with the client’s Chief Accounting Officer – built during a successful IPO in a prior role – continued to flourish with the advent of a new project. Siegfried’s services and professionals were sought after to immediately stabilize, scale, and lead across critical workstreams under client direction. But before providing the professionals needed, the Siegfried team took the time to deeply understand not only the goals of the IPO, but what needed to be accomplished for a successful project and long-term scalability and health of the organization.

Through these conversations, the intensity of the transformation and necessity for collaboration with other service providers became abundantly clear. The Siegfried team of approximately 37 professionals, armed with this nuanced understanding of the project, led the most applicable workstreams while developing relationships with other providers for a powerful collaboration. This client-focused approach enabled the teams to execute on their respective items, while Siegfried professionals helped position the client for long-term success as a public company. To support continued future growth and success, the Siegfried team helped with:

IPO readiness and technical accounting

  • Drafted and prepared critical SEC filings, including the S-1 and quarterly historical financial statements.
  • Provided detailed technical accounting analysis and documentation for complex areas, such as revenue recognition, lease accounting (ASC 842), and stock-based compensation.

Finance transformation and systems support

  • Supported the implementation and optimization of travel and expense systems (Navan and Ramp) to enable scalable, efficient operations.
  • Managed and reconciled lease accounting schedules, ensuring compliance and alignment with updated business terms.

Project management and cross-functional coordination

  • Led project tracking and alignment across internal teams and external providers, ensuring audit, tax, and advisory milestones were hit.
  • Supported financial reporting and operational readiness for international subsidiaries by coordinating with BDO and regional controllers.

Revenue operations and audit support

  • Served as a bridge between finance, revenue, and sales leadership to support complex revenue streams and streamline audit request responses.
  • Helped establish a repeatable reporting cadence to support external stakeholder expectations.

 

 

The Impact: Empowering a public-company mindset and a scalable finance function

By embedding committed and exceptional professionals who could lead from day one, we empowered the client to navigate IPO demands without slowing their growth. to absorb complexity and drive clarity allowed internal leaders to focus on strategic priorities – and, in some cases, take their first vacation in years.

Key outcomes included:

  • Accelerated IPO preparation: On-track execution of SEC filings and supporting infrastructure.
  • Stronger internal confidence: Trusted professionals improved executive bandwidth and reduced burden on client teams.
  • Future-ready systems: Enhanced scalability through streamlined systems and process improvements.
  • Collaborative synergy: Seamless integration with internal staff and external firms created a unified team culture under intense timelines.

Our relationship-driven approach – and ability to pair high-caliber professionals with complex work – positioned the client for a successful IPO and long-term success as a public company in one of the world’s fastest-moving industries.

What the client said

“Over the past few months, the Siegfried team have invested significant effort in deepening their understanding of our company and business. This growing knowledge has enabled them to identify opportunities for improvement, make meaningful contributions to strategic discussions, and implement solutions that drive progress. By leading with a proactive approach, the Siegfried team has consistently added value across various workstreams, demonstrating their ability to navigate complex challenges and deliver impactful results.”

“The Siegfried team demonstrates exceptional mental agility and analytical skills. They have an innate ability to discern when to approach leadership with questions or issues, while independently driving progress and advancing the team's priorities. They excel at formulating strategic plans, rallying the team around them, and executing effectively. In our complex environment, they have consistently managed everything thrown their way with composure. The team’s attention to detail and strong organizational skills are invaluable in such a fast-paced setting. Additionally, they continue to ask thoughtful and sophisticated questions, showcasing their depth of understanding and critical thinking, as well as their commitment to our mutual success.”

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