Markets
The IPO Comeback Has a Catch: US Listings Dropped from 8,000 to 4,000, No Venture-Backed SaaS Unicorn Has Filed in 2026
Despite the strongest Q1 in five years ($9.4B across 22 IPOs), no venture-backed SaaS unicorn has submitted a new IPO filing in 2026. US stock exchange listings have halved from 8,000+ in 1996 to under 4,000 despite the economy tripling. Thousands of companies generating $50-200M annually will likely never go public. Secondary markets are even more concentrated: 15 companies accounted for 90% of venture secondary trading volume last quarter. The iShares Expanded Tech Software ETF is down ~25% YTD.
↳ Follow the thread