TIMING IPO WINDOWS

Summary from the TLDR Founders newsletter

After 2021's ZIRP era, tech executives swore they'd never miss another liquidity window - yet here we are with barely any IPOs despite markets at all-time highs. Since the election, speculative stocks like ARKK have outperformed the Mag7 by 5x. Companies keep waiting for the "perfect" IPO window while multiples march back toward 2021 levels, and recent IPOs like Rubrik and Circle show strong performance. The few who prepared early are capitalizing - Figma's is massively oversubscribed. In an industry where barriers to competition are falling and public markets are begging for new names to bid on, waiting for the perfect moment is the exact mistake everyone promised they wouldn't repeat.