Quantexa is considering a multibillion-dollar stock market listing in Britain, the United States or both, though Chief Executive Vishal Marria said the company has not decided when to pursue an IPO and could remain privately held. Marria said Quantexa has been "IPO-ready" since January and that U.S. markets offer a deeper pool of capital and the potential for a higher valuation than the UK. Founded in 2016, the London-headquartered company develops AI software that helps financial institutions, healthcare providers and government agencies organize and analyze large volumes of data for uses including fraud detection and financial crime prevention. Earlier this year, Quantexa announced a £175 million contract with Britain's revenue and customs agency to combine internal and external data sources to improve fraud and error detection, and Marria said the company is also competing for the NHS's planned single patient record programme. Separately, minority shareholder Warburg Pincus is working with Citigroup to explore options for its 9% to 10% stake, including a possible sale, with an auction expected later this year, according to people familiar with the matter. Quantexa was valued at about $2.6 billion last year when it raised $175 million in a Series F funding round led by Teachers' Venture Growth, part of Ontario Teachers' Pension Plan. The deliberations underscore the broader pressure on London's market as fast-growing companies weigh deeper U.S. capital markets against the advantages of staying closer to home.