Liquid Death CEO Dodges IPO Question Despite Goldman Sachs Ties

Liquid Death CEO Mike Cessario refused to confirm an initial public offering (IPO) timeline. He gave the noncommittal answer despite the company hiring Goldman Sachs back in 2023.

Cessario made the comment on Bloomberg’s “The Close” with host Romaine Bostick. The interview also covered Liquid Death’s viral ad about AI data centers.

Goldman Ties Predate the Question

Bostick asked Cessario directly about the IPO timeline. He pointed to the Goldman Sachs hire and a new chief financial officer from Pepsi. Cessario did not say yes or no.

Cessario said Liquid Death wants to build a large, profitable business. Therefore, he is not focused on a specific exit strategy right now. Instead, the company will weigh an IPO or a merger when the time is right, he added.

This response leaves the IPO question open rather than closed. Liquid Death brought on a bank tied to public listings two years ago.

Yet the business still has no confirmed timeline. The pieces for a listing already sit in place.

The AI Ad Behind the Interview

The exchange followed a discussion about Liquid Death’s newest ad. The campaign shows people mailing jars of urine to AI data centers. Cessario used the ad to joke about water use at these facilities.

However, Cessario said the ad does not oppose AI itself. He pointed to a real problem instead. Even closed-loop data centers evaporate large amounts of water for cooling, he said.

Public sentiment toward data center growth keeps cooling. New disclosure rules in Texas now require water and power use disclosures before grid connection. The move reflects a wider wave of state pushback.

Cessario noted the ad appears only on social media. He said most broadcast networks would not air jars of urine in a brand campaign.

Cessario also addressed AI’s role in his own advertising agency. AI handles mundane production tasks well, he said. However, it cannot replace top creative talent. Instead, it will mainly push mediocre marketing out of the industry.

Liquid Death’s caution mirrors a broader trend among growth companies eyeing public markets. Firms like SpaceX face scrutiny over how tech valuations hold up once investor sentiment shifts.

Whether Liquid Death files within a year or five remains unclear. The bank hire and the CFO hire have sat ready since 2023.

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