IPO market underwhelms... SpaceX's IPO attracts attention

The future IPO market is diverging from expectations. Since the beginning of the year, companies in construction technology, aerospace, and biotech have continued to enter the market, but SaaS companies are not prominent. According to Crunchbase, U.S. companies listed on major stock exchanges this year have raised a total of $3 billion. Although this performance is impressive for just the first two months, it remains relatively low compared to the peak market levels of 2021.

Notable listed companies include equipment rental service provider EquipmentShare, which raised over $700 million and has a market valuation of $7 billion. Additionally, aerospace company York Space Systems’ stock price has declined from its early days, but its recent valuation reached $3.4 billion.

However, traditionally dominant SaaS companies in IPOs are currently hard to find in the market. Last year’s star, Figma, and Navan have seen their valuations significantly shrink, and Liftoff, backed by Blackstone, recently withdrew its IPO plans.

Overall, the IPO market is simultaneously facing caution over AI-driven transformations and high market expectations. Notably, SpaceX’s valuation reaching $1.25 trillion and the news of an expected IPO this year have garnered much attention. The emergence of such large IPOs, combined with a limited number of actual listings, could lead to market polarization.