# Utah IPO Pipeline

**Type:** guide
**Status:** Draft
**Confidence:** Medium
**Audience:** operators, founders, investors, journalists
**Focus:** IPO, S-1, public markets, Utah companies, registration statements
**Updated:** 2026-08-16

## Overview

**Entrata prices next.** The Lehi property-management company is the only Utah issuer with a live S-1, it is profitable, and Silver Lake already took a dividend off the cap table. Two months without a price is a window problem, not a withdrawal. If the question is who files *after* that, the guess is [Lucid Software](lucid-software.md), not [Podium](podium.md).

**Bet:** Entrata lists on the NYSE as ENT before any other Utah company in this corpus files a new IPO registration. Falsified by a Form RW, or by someone else pricing first.

The rest of this page is the filing record that bet sits on, plus the names people will mention that are not actually next.

## What Counts As Pipeline

A guess still has to name its evidence. The checkable signal is a live Securities Act registration that has not gone effective and has not been withdrawn. Unicorn labels and 2021 pre-IPO headlines are not that signal. As of 2026-08-16, this EDGAR check found one live Utah-city IPO registration: Entrata.

A name is in the live pipeline only if EDGAR shows a Securities Act registration (typically Form S-1 or F-1) that has not gone effective (no Form EFFECT, no Form 424B4) and has not been withdrawn (no Form RW). A confidential draft (DRS) is invisible to a public search until the issuer files publicly; see Open Questions.

The 2026-08-16 check used two EDGAR surfaces:

1. Each issuer's submissions JSON at `data.sec.gov` (the machine-readable filing list).
2. Full-text search for Forms S-1, S-1/A, F-1, and 424B4 that mention Utah cities, dated 2025-01-01 through 2026-08-16.

Two hits were Utah-string false positives and are ignored here: FullPAC (Virginia Beach) and Black Rock Coffee Bar (Scottsdale). Scale, "unicorn" labels, and 2021 "pre-IPO round" headlines are not a live registration.

## Live Registration As Of 2026-08-16

[Entrata](entrata.md) (Lehi) is the only name that met the test. Entrata, Inc., CIK 0002028464, filed an S-1 on 2026-05-28 and an S-1/A on 2026-06-11 (accession 0001628280-26-042574), applying for NYSE: ENT. Submissions JSON lists a DRS dated 2025-12-17. As of 2026-08-16 that JSON showed no EFFECT, no 424B4, and no RW. Entrata's June 11, 2026 S-1/A was therefore not effective as of 2026-08-16.

Revenue, headcount, and offering terms belong on [Entrata](entrata.md) and [Source: Entrata S-1/A (June 2026)](entrata-s1a-2026.md), not here.

## Recently Listed — Not "Soon"

These already priced, so they are not a forecast of the next IPO.

- [Fervo Energy](fervo-energy.md) is Houston-headquartered with a Beaver County project. It filed a Form 424B4 on 2026-05-14 and trades as Nasdaq: FRVO. The primary record is [Source: Fervo Energy IPO Prospectus (Form 424B4, May 2026)](fervo-energy-ipo-prospectus-2026.md).
- [Pattern Group](pattern-group.md) (Lehi) appears in EDGAR as Nasdaq: PTRN, CIK 0001811935. This wiki has no page yet; a wanted-queue link is not evidence of offering terms.
- [Angel Studios](angel-studios.md) (Provo) appears in EDGAR as NYSE: ANGX, CIK 0001865200. No wiki page yet.
- [FatPipe](fatpipe.md) (Salt Lake City) appears in EDGAR as Nasdaq: FATN, CIK 0001993400. No wiki page yet.

## Attempted And Withdrawn

A Form RW ends the registration. It is not a shutdown.

- [FireFly Automatix](firefly-automatix.md) (Salt Lake City), CIK 0001660851, filed an S-1 in October 2025. The [Form RW](firefly-automatix-rw-2026.md) says that registration automatically became effective on November 11, 2025, but no securities were issued or sold, and the company withdrew File No. 333-290743 on 2026-03-16. See [Source: FireFly Automatix S-1/A (November 2025)](firefly-automatix-s1-2025.md).
- [CompHealth](comphealth.md) / CHG Healthcare filed an S-1 in March 2006 and withdrew it in July 2006. That is historical precedent, not a current pipeline name. The filing is [Source: CHG Healthcare Services S-1 Registration Statement (2006)](chg-healthcare-s1-2006.md).

## The Guess Among Names That Have Not Filed

If Entrata is taken off the board — withdrawn, or already public — the next Utah IPO is not the company the local press has been naming since 2021.

[Podium](podium.md) is the crowd favorite: Lehi, unicorn headlines, the company this wiki's own Open Questions already ask about an IPO path. That is why it is a bad pick. A name that has been "the next Utah IPO" for years and is still private has demonstrated it can stay private. [Qualtrics](qualtrics.md) is private again after the 2023 Silver Lake take-private — a sponsor that just took Entrata to an S-1 is not automatically walking Qualtrics back to Nasdaq on the same clock. [Instructure](instructure.md) is the PE re-IPO shape, but the page's 2024 KKR take-private is early to flip. [Ancestry](ancestry.md) is a Blackstone exit when Blackstone wants one, which is their calendar. [BambooHR](bamboohr.md) and [MasterControl](mastercontrol.md) can stay private; that is the point of how they were built. [Sword Health](sword-health.md) is a dual-HQ company that does not have to list as a Utah event.

The guess among the unfiled names is [Lucid Software](lucid-software.md): South Jordan enterprise SaaS, a 2021 unicorn print, a conventional public-market story (diagramming and whiteboarding against Miro and Microsoft), and no public record of a 2021-style “pre-IPO” fake-start. It is still a guess. This corpus and the 2025–2026 Utah-city S-1 search did not surface a live IPO registration for Lucid or any of the others as of 2026-08-16.

[Cross Creek](cross-creek.md) is a late-stage and crossover investor, not an issuer.

## Open Questions

- Re-check Entrata CIK 0002028464 after 2026-08-16: has an EFFECT, 424B4, or RW posted?
- Write [pattern-group.md](pattern-group.md) (CIK 0001811935), [angel-studios.md](angel-studios.md) (CIK 0001865200), and [fatpipe.md](fatpipe.md) (CIK 0001993400) from their EDGAR records. Do not invent offering terms here.
- Does any other Utah issuer have a confidential DRS that this public search cannot see? A DRS stays confidential until the company files a public registration; submissions JSON lists Entrata's DRS form type and date, but the DRS document itself is not a public prospectus, and issuers that never file publicly do not appear in an S-1 search at all.
- Re-run the Utah-city S-1 / F-1 / 424B4 search after 2026-08-16. The 2025-01-01 start date will miss older live registrations if any exist.

## Evidence

- [Entrata](entrata.md) · https://greatutah.work/pages/entrata.md
- [Source: Entrata S-1/A (June 2026)](entrata-s1a-2026.md) · https://greatutah.work/pages/entrata-s1a-2026.md · https://www.sec.gov/Archives/edgar/data/2028464/000162828026042574/entrata-sx1a1.htm
- Entrata submissions JSON (CIK 0002028464) · https://data.sec.gov/submissions/CIK0002028464.json — S-1 2026-05-28, S-1/A 2026-06-11, DRS 2025-12-17; no EFFECT, 424B4, or RW in that file as of 2026-08-16
- [Fervo Energy](fervo-energy.md) · https://greatutah.work/pages/fervo-energy.md
- [Source: Fervo Energy IPO Prospectus (Form 424B4, May 2026)](fervo-energy-ipo-prospectus-2026.md) · https://greatutah.work/pages/fervo-energy-ipo-prospectus-2026.md · https://www.sec.gov/Archives/edgar/data/1853868/000162828026034849/fervoenergy-424b4.htm
- Pattern Group Inc. submissions JSON (CIK 0001811935) · https://data.sec.gov/submissions/CIK0001811935.json — Nasdaq: PTRN; Lehi address; no wiki page yet
- Angel Studios, Inc. submissions JSON (CIK 0001865200) · https://data.sec.gov/submissions/CIK0001865200.json — NYSE: ANGX; Provo address; no wiki page yet
- Fatpipe Inc/UT submissions JSON (CIK 0001993400) · https://data.sec.gov/submissions/CIK0001993400.json — Nasdaq: FATN; Salt Lake City address; no wiki page yet
- [FireFly Automatix](firefly-automatix.md) · https://greatutah.work/pages/firefly-automatix.md
- [Source: FireFly Automatix S-1/A Registration Statement (November 2025)](firefly-automatix-s1-2025.md) · https://greatutah.work/pages/firefly-automatix-s1-2025.md · https://www.sec.gov/Archives/edgar/data/1660851/000149315225021974/forms-1a.htm
- [Source: FireFly Automatix Form RW (2026)](firefly-automatix-rw-2026.md) · https://greatutah.work/pages/firefly-automatix-rw-2026.md · https://www.sec.gov/Archives/edgar/data/1660851/000149315226010126/formrw.htm
- [CompHealth](comphealth.md) · https://greatutah.work/pages/comphealth.md
- [Source: CHG Healthcare Services S-1 Registration Statement (2006)](chg-healthcare-s1-2006.md) · https://greatutah.work/pages/chg-healthcare-s1-2006.md · https://www.sec.gov/Archives/edgar/data/1356792/000119312506063319/ds1.htm
- [Podium](podium.md) · https://greatutah.work/pages/podium.md
- [Lucid Software](lucid-software.md) · https://greatutah.work/pages/lucid-software.md
- [BambooHR](bamboohr.md) · https://greatutah.work/pages/bamboohr.md
- [Ancestry](ancestry.md) · https://greatutah.work/pages/ancestry.md
- [Blackstone Acquisition of Ancestry](ancestry-blackstone-acquisition.md) · https://greatutah.work/pages/ancestry-blackstone-acquisition.md · https://www.blackstone.com/news/press/blackstone-completes-acquisition-of-ancestry-leading-online-family-history-business-for-4-7-billion/
- [Qualtrics](qualtrics.md) · https://greatutah.work/pages/qualtrics.md
- [Instructure](instructure.md) · https://greatutah.work/pages/instructure.md
- [MasterControl](mastercontrol.md) · https://greatutah.work/pages/mastercontrol.md
- [Sword Health](sword-health.md) · https://greatutah.work/pages/sword-health.md
- [Cross Creek](cross-creek.md) · https://greatutah.work/pages/cross-creek.md

## See Also

- [Startup Capital in Utah](startup-capital-in-utah.md) · https://greatutah.work/pages/startup-capital-in-utah.md
- [Utah Deep Tech Now: A Founder's Field Guide](utah-deep-tech-map.md) · https://greatutah.work/pages/utah-deep-tech-map.md
- [Find An Advisor In Utah](find-an-advisor.md) · https://greatutah.work/pages/find-an-advisor.md

## Maintainer Notes

- Refresh by fetching `https://data.sec.gov/submissions/CIK0002028464.json` (Entrata) and `https://data.sec.gov/submissions/CIK0001660851.json` (FireFly). A live name leaves this pipeline when EFFECT, 424B4, or RW appears. Re-run an EDGAR full-text search for S-1 / S-1/A / F-1 / 424B4 mentioning Utah cities; keep ignoring FullPAC and Black Rock Coffee Bar.
- Pattern, Angel Studios, and FatPipe company pages are owned by other agents. Do not flesh out offering terms on this guide.
- Do not treat Renaissance Capital deal-size estimates, or any other banker's "expected IPO" table, as filing facts.
- Confidence is Medium: the live-pipeline claim rests on Entrata's S-1/A (primary). The guess that Entrata prices next, and that Lucid is next among the unfiled names, is a bet — labeled as one — not a filing fact.
- The Overview bet is falsified by an Entrata Form RW, or by another Utah company in this corpus pricing an IPO first. Update the Overview when either happens; do not quietly delete the miss.