I saw an article discussing the poor performance of new tech IPOs in the U.S., which essentially stated that the clearing of the tech stock bubble is still not over. The current market environment is extremely harsh, requiring not only strong fundamentals from companies but also humble pricing. For investors, unless they are dealing with AI or hard tech giants with monopoly potential, it is more rational to wait and see rather than participate in new stock offerings for general SaaS and platform companies. Here are a few key points extracted — 1. Core contradiction: The valuation anchor points between the primary and secondary markets have broken (Trust Gap). This is the most profound insight of the article. The market downturn is not only due to the macro economy but also a structural crisis of trust. The mindset of sellers (VCs/founders) remains stuck in past high valuation fantasies, unwilling to "leave money on the table" (i.e., unwilling to issue at a low price to give benefits), trying to cash out at high prices. The mindset of buyers (secondary market investors) has become extremely cautious after experiencing previous waves of price drops. They no longer believe in the financial forecasts in PPTs and are averse to insiders selling off their shares immediately after going public. 2. Market differentiation: "Scarcity of giants" vs. "Mediocre trap of mid-sized companies." The article points out a clear trend of polarization: mid-sized tech companies with market capitalizations around $8 billion are currently in the most awkward position. They are not large enough to attract passive allocations from index funds and large institutions, yet lack uniqueness, leading retail investors to overlook them. For example, former unicorns like Navan, Klarna, and StubHub have performed poorly after going public. The market is not devoid of money; it is just willing to pay for "must-own" scarce assets. For instance, SpaceX, Anthropic, OpenAI, and large non-tech stocks (like Medline). 3. Substantial closing of the IPO window and the resurgence of M&A (mergers and acquisitions). IPO delays: As pioneers like Navan have turned into martyrs, subsequent companies in line (like Perk/TravelPerk) have been forced to push their plans from 2026 to 2027, even after hiring bankers. M&A has also become a mainstream exit strategy. Due to the obstacles in the IPO path, VCs are starting to seek exits through mergers and acquisitions. The article mentions that Norwest Venture Partners has sold three companies to tech giants in recent weeks.

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