Venture Capital Reshuffle Looms As IPO Drought Ends

A potential cluster of mega-listings by SpaceX, OpenAI and Anthropic this year could cement the dominance of venture firms that managed to get into the most important private companies of the last decade.

For years, venture investing has been defined by a lack of cash returns. Startups stayed private longer, initial public offerings slowed, and limited partners in venture funds became more reluctant to commit fresh capital. That put pressure on all but the strongest firms, while pushing companies and investors to rely on private secondary markets as a substitute for traditional exits.