Blackstone is weighing strategic options for Ancestry.com, including a possible IPO or sale, according to people familiar with the matter cited by Reuters.

The buyout firm has invited banks to pitch for a listing of the genealogy platform, which could value the Utah-based company at around $10bn. Requests for proposals were submitted earlier this week, though deliberations remain at an early stage and Blackstone could decide to hold the asset longer.

Ancestry.com, which generates more than $1bn in annual revenue, has over 3m paying subscribers. Its business model is driven by subscriptions to historical records and family tree services, as well as DNA testing kits.

Blackstone acquired Ancestry in 2020 for $4.7bn from a group of private equity firms, while Singapore’s sovereign wealth fund GIC retained a minority stake. Founded in 1996, the company has changed hands multiple times, with previous investors including Silver Lake, Permira, Spectrum Equity, and Ancestry management.

The discussions come as the US IPO market strengthens after a weak 2024, with year-to-date listings already surpassing last year’s volumes, according to LSEG data.

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