The tech IPO market in 2022 was the worst in years. Here are the startup unicorns and dark horse plodders that investors are hoping can heat it back up, starting with Stripe.
he year 2022 was largely a write-off for the tech industry when it came to IPOs, with few listings and even fewer successes. As eyes turn to 2023, investors and industry insiders aren’t expecting much more. But a few flagship companies like Stripe and SpaceX still have the capacity to change that narrative – alongside a surprise source of optimism.
A look-back at 2022 IPOs is hardly revelatory. Fewer than 80 companies went public in the U.S. for the year, down 88% from 2021, proceeds were down 95%, per data from Refinitiv, leading Axios toCar rental marketplace Getaround tried to buck the trend in December, merging with a special purpose acquisition vehicle. Shares are down 90% in the past month, putting the combined company in penny stock territory.
One leader of a Bay Area-based venture firm, who asked to remain anonymous to speak freely about the market and specific companies, agreed. “IPOs, we have kind-of written off for next year,” they said. “Next year is about being heads down and trying to gain market share, and look at 2024 for exits.” Still, some investors believe – or at least hope – that next fall, or the fourth quarter of 2023, may see tech IPOs start flowing again. With their help,THE TRAILBLAZERSThe online payments company valued earlier this year at $95 billion is typically first off investors’ tongues as the type of “monster” that could go public anytime.
“Good companies don’t have to go public,” noted Villi Itchev, managing director at Two Sigma Ventures. “But I don’t subscribe to the theme that IPO windows are closed. What does happen is the valuation expectations change, and the risk appetite changes.”While its highest-valued peers in tech were trimming their valuations, Elon Musk’s SpaceX continued to march.
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