探索风险投资支持IPO的新标准

Navigating the New Standardsfor VC-Backed IPOs PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research 2025 IPOs look much different than 2021 Kyle Stanford, CAIADirector of Research,US Venture PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Institutional Research Group Analysis Kyle Stanford, CAIADirector of Research, US Venturekyle.stanford@pitchbook.com Key takeaways •High-profile IPOs have opened the IPO window narrative for US startups. Yet,through June, just 18 companies completed a listing, pacing the year for thelowest total in a decade. Emily ZhengSenior Research Analyst,Venture Capitalemily.zheng@pitchbook.com DataHarrison WaldockData Analystpbinstitutionalresearch@pitchbook.com •Seven tech unicorns have completed an offering in 2025, which is a good signfor the market and is driving much-needed returns for some investors. Thesecompanies—all but Figma and Firefly Aerospace—listed at valuations lower thantheir high private market value, showcasing the impact of the high pricing marketof 2020 and 2021. PublishingDesigned byAdriana Hansen •Many of the companies listing have followed Trump administration policypriorities around crypto, defense, and AI. Until investors seek out more risk, ourIPO outlook is that new listings will follow these policies to ride tailwinds into thepublic market. Unicorns operating in these key sectors that have high likelihoodsof completing an IPO account for $330.7 billion in market value. Published on August 21, 2025 Contents Key takeaways1The IPO window is open, or closed, orsomewhere in between22025 listings backed by robust financials3Trump policy tailwinds for IPOs5US IPO outlook8 •Without a robust pipeline of registrations, 2025 will likely remain slow for IPOs.With uncertainty around interest rates and a return of inflation, many startupsmay look to 2026. The IPO window is open, or closed, orsomewhere in between Figma’s successful IPO served as a strong indicator for public investor sentimenttoward high-growth VC-backed companies. Figma is not a foundational AI modeldriving the surge of AI apps, and it also does not align with the political policies andsectors—such as defense tech—that have traditionally been built outside of VC.However, Figma is profitable (as of Q1 2025), has trailing 12-month revenues of around$821 million, and did not take a down round to go public, unlike most of the unicornsin recent years. As a company that was developed through the tech software-as-a-service (SaaS) bull market, Figma’s IPO is significant for the market because it likelyshares many characteristics with other SaaS companies in the IPO backlog. In 2025 so far, 10 US unicorns have completed an IPO—the most since 2021. Thehyped narrative surrounding these listings is in direct contrast to what the data forthe first half of the year indicates. These IPOs are generating a surge in exit value, butjust 18 IPOs were completed through June, pacing this year to be the slowest for USVC-backed IPOs in the past decade. These contrasting narratives are emerging in amarket that should be open to high-growth VC-backed IPOs. Aside from a few weeksin April, the market has been relatively stable, while indexes continue reaching newhighs. Public market multiples have also increased throughout the year. The fact that many of the unicorns that have gone public since 2021 have done soat lower valuations is telling. The prices paid in the private market were too high—or at least based on a market that sustained multiples due to low rates and strongpublic markets. To go public at a much lower valuation has been untenable for mostcompanies, as it would lead to further dilution and potential losses for investors.That seems to be changing to a point as market conditions improve. This year, IPOvaluations have been just 25% above a company’s highest private market value at themedian. In 2021, that median was 226%, more than double the private market high-water mark for companies. What is certain this year is that uncertainty has persisted throughout it. Volatilityhas been low aside from those few weeks in April; tariff-induced uncertainty hasdominated corporate decision-making, and the on-again, off-again nature of tariffinformation has made planning difficult. Currently, only a few companies remain inthe IPO pipeline. Rate cuts would provide a boost by pushing investors into relativelyriskier investments. US Federal Reserve Chair Jerome Powell has been hesitant toplacate, resisting calls from the market and President Donald Trump to cut rates,citing factors including stubborn inflation and a resilient labor market. The recentsurge in inflation figures has also dimmed the likelihood of a rate cut in the SeptemberFederal Open Market Committee meeting. Our outlook on IPOs for the rest