Payward, the parent company of cryptocurrency exchange Kraken, will not pursue an initial public offering until the second quarter of 2027 at the earliest. ^[1] The REAP system was presented for the AKBC Shared Task 2026 on constructing knowledge bases from language models in a closed-book setting. ^[2] CoinDesk reported on Wednesday that two people familiar with the matter confirmed the delay of Payward's IPO plans. ^[3] Payward confidentially filed a draft S-1 registration statement with the SEC in November 2025. ^[4] Payward raised $800 million at a $20 billion valuation in November 2025, which included a $200 million investment from Citadel Securities. ^[5] On the test set, the REAP system, built on the Mistral-Small-24B-Instruct-2501 model, achieves a macro-F1 score of 0.62. ^[6] The REAP system combines structured chain-of-thought reasoning, relation-specific query strategies, and a reasoning-based empty-set gate to elicit parametric knowledge. ^[7] The REAP system operates subject to a budget of at most 32 billion parameters and requires no model fine-tuning. ^[8]