Yes, The IPO Market Came Back in 2025. But It Still Has a Long Way to Go.

Summary

The post argues that while the IPO market for software and AI companies has revived in 2024‑2025, it remains a fraction of its 2019‑2021 boom. Data shows only eight IPOs so far in 2025—about 17% of the 2021 peak and barely above the pre‑boom average of nine‑ten per year—while valuations have collapsed from 20‑25× revenue to around 10×, with many listings sliding further on day one. Lemkin highlights a massive backlog of unicorns, higher profitability standards, and the growing importance of secondary‑market liquidity for founders. He advises founders to extend IPO timelines, tighten unit economics, and prepare for modest multiples, and tells investors to focus on secondary exits and expect continued volatility.