That Intel managed to spin out Mobileye as a public company was good news of sorts for the technology exit market. But a single successful corporate spinout is not a sign that public-market tech debuts are back.
Indeed, with news that Instacart is now pushing for a 2023 IPO, the upcoming calendar for tech exits (apart from M&A) is more than weak. It’s moribund.
Perhaps that’s why the Twitter-Musk saga — an anti-IPO in that we’re seeing the social media company go private — is consuming so much oxygen: There’s not that much else going on when it comes to fascinating exits. Well, the UserTesting sale aside, I suppose.
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What we care about is understanding when IPOs may return, as they could provide another method by which late-stage startups can raise capital. Currently, there’s concern that some unicorns are uninvestable and will therefore die. More capital to the cohort of billion-dollar startups could alleviate some of those pressures, not to mention help confirm the new pricing chart for startup shares.