IPO Or IP-No?

2025 was supposed to be the year for the initial public offering (IPO) comeback, but as the NY Times indicates¹, the volume expectations simply have not materialized. While multiple factors may be at play, including market volatility and uncertainty over tariffs, one other factor has made a big difference- the ability of companies to raise capital from private markets. That optionality has meant that companies have more flexibility to decide whether or not an IPO is the best choice for the business.

Raising capital without the demands of being a public company has many benefits. Public company status comes with additional responsibilities, including required quarterly and annual filings of financial statements and public earnings calls. While not required to, public companies often provide earnings guidance with forecasted revenue and profit and can experience pressure from shareholders to achieve certain targets. Staying private means companies can maintain a