IPO Market Rebound - Renaissance Capital is calling the current IPO activity "the great IPO rebound," anticipating a return to approximately 3 to 5 deals per week [1] - The IPO market is experiencing an upcycle, with palpable excitement and animal spirits returning [4] - The IPO index, tracked by the IPO ETF (ticker IPO), is outperforming both the S&P 500 and NASDAQ year-to-date [3] - Figma was able to go public at 20 times sales, a first since 2021 [4] Pipeline and Backlog - The backlog of tech IPOs is larger than ever, with hundreds of companies waiting to go public after a three-year bottleneck [5] - Many companies have been preparing for their IPOs for years, filing confidentially and are now ready to proceed [8] Market Fragility and Stability - While a tariff selloff caused some companies to pause IPO plans, the recent performance suggests increased stability [2][6][7] - Private markets have been generous, allowing companies to wait, but the current opportunity is the best they've had in years [8] Potential IPO Candidates - While big names like SpaceX, Stripe, and OpenAI are often discussed, they represent only a fraction of the overall market [7][8]