Yes it could be IPOd but doubtful. There is no revenue yet. Most likely they buy a shell company that trades at 0.0001, reverses into it, changes the name and then still needs either a revenue sources, a cash investment, or both to get a value.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.