� US tech IPOs fall to ~15 per year as exits get older and rarer

Data from 2,770 US tech IPOs between 1990 and 2025 shows a sharp decline in listings.

� In the 1990s there were 1,598 tech IPOs.

� In the 2000s, 573.

� In the 2010s, 372.

� In the 2020s so far, 227.

Recent years average around 15 deals annually. Companies now go public at roughly 11 years old, compared with about 7.6 years in the 1990s.

At the same time, the share of profitable companies at IPO has dropped from around 60% in the 1990s to roughly mid-20% levels in recent years.

The US public market is worth $62.2T.
IPO volume suggests access to it is narrowing, not expanding.

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