Core Insights - The U.S. government shutdown is causing delays in the IPO process, impacting private companies looking to go public [1][2] - The IPO market is experiencing a recovery, with 163 deals and $31 billion raised so far in 2023, marking the best year since 2021 [1] - A prolonged government shutdown could undermine confidence in U.S. markets and slow IPO activity, particularly as the year ends [3][4] Industry Impact - The SEC's minimal staffing due to the shutdown is significantly delaying IPO reviews and approvals, which is critical for companies seeking to enter the public market [2] - Despite various uncertainties in the U.S. economy, including inflation and job market concerns, the stock market has reached record highs, with continued interest in IPOs [4] - Investors are increasingly looking at IPOs as an alternative investment avenue, especially in the technology sector, where valuations have been perceived as high [5] Notable IPOs - Circle Internet Group went public in June, raising approximately $1.1 billion, with shares initially priced at $31 and currently trading around $152 [6] - Bullish, a cryptocurrency exchange, raised about $1.1 billion in August, while CoreWeave, a cloud-computing company, raised about $1.5 billion in March [7] - Klarna, a Swedish buy now, pay later company, had the largest IPO of the year in September, raising $1.37 billion with shares currently trading around $42 [7]