Centerview's Tony Kim: The IPO market was weak and now it's coming back, so price conservatively

IPO Market Trends - The IPO market is recovering, with companies pricing conservatively to ensure successful launches [4] - There's significant pent-up demand for IPOs, particularly in sectors like defense tech, AI, and crypto [4][5] - In 2025, two IPOs (Figma and Circle) have seen gains exceeding 150% on the first day of trading, highlighting concentrated demand in specific sectors [4][5] M&A Activity - M&A activity appears robust, with a temporary slowdown in April due to uncertainty, followed by a resurgence in June, July, and August [6] - In 2025, there have been 38 M&A deals valued over $10 billion, marking a record high at this point in the year [1] - The market has adjusted, and deal pipelines are building, leading to recent announcements [6] Technology Sector Dealmaking - Large tech companies are increasingly engaging in "lift transactions," which involve licensing IP, founders, and talent, rather than traditional M&A deals [9][10] - Meta's investment in Scale AI at a $29 billion valuation exemplifies this trend [2] - Seven such deals have occurred in the past couple of months, indicating a shift in strategy [10]