There were 165 IPOs in the U.S. public markets in the first half of 2025. This was 76% higher than the 94 IPOs in the first half of 2024 and is estimated to be 47% higher than the total number of IPOs in 2024 when annualized for the full year of 2025.

Far from being basically dead

I said just for the tech industry, and the multipliers are extremely difficult if you cannot show $400M in revenue. I'd recommend looking at some of Jamin Ball's analysis.

And comparing with 2024 is not great, because activity is still well below what we saw before the interest rate hike [0]

The IPO window is starting to reopen, but it's still somewhat closed compared to the norm from a couple years ago, and Sailpoint's lackluster IPO has dampened the mood along with CoreWeave's lackluster performance as a public company due to constant misses.

A lot of companies are in the process of building IPO readiness, but ime there is still some amount of hesitancy, becuase no one wants to be the first one to roll the dice, but I think Netskope's performance so far might help assuage worries.

[0] - https://www.spglobal.com/market-intelligence/en/news-insight...