Return of IPOs Could Be Bad for Private Equity: Allison Schrager

Going public used to be a sign that a company had made it. In the last decade or so, however, IPOs started to become a little … cringe. That could change this year, as initial public offerings seem poised for a comeback — which in turn could provoke a long-overdue reckoning not only for tech optimism but also for private markets.

IPOs in 2026 could be big and splashy, such as SpaceX, OpenAI and Anthropic, as well as smaller and quieter, with many lesser-known technology firms also filing. In some ways this is an encouraging sign. More IPOs suggest ...