Five years after the 2021 IPO boom, the US stock market has undergone a dramatic transformation. In 2021, the Nasdaq welcomed 743 IPOs and the NYSE added over $1 trillion in market capitalization, while public companies raised nearly $500 billion. Today, the number of listed companies has dropped below 4,000, compared to nearly 8,000 three decades ago. Key factors driving this shift include easier access to private secondary markets, the rise of megafunds, family office interest and the avoidance of quarterly earnings pressure. The SEC is considering eliminating mandatory quarterly reporting requirements to make IPOs more attractive.
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