September should have been a busy month for US IPOs. Instead, only four operating companies debuted (excluding SPACs), several pulled their offerings, and the two largest AI labs both reportedly pushed their timelines back. The Nasdaq hit record highs over the same period, so this isn't a market-wide sell-off. It's a public market being selective about price, disclosure and timing.

Why "Public" and "Private" Are the Wrong Categories for Thinking About Access to Cash Bending Spoons went public on Nasdaq on July 1, and the market did not wait around to make up its mind. Shares priced at $29, opened strong, and closed the first day up nearly 40%, valuing the Milan-based acquirer of AOL, Vimeo, Eventbrite, and a dozen other formerly-left-for-dead internet brands at roughly $25 billion.

The IPO market is technically open…but it’s already becoming choosy. A week ago, Blackstone’s president declared that “2026 should be the year of the IPO.” Just days later, one of Blackstone’s own portfolio companies put that assumption to question. On the surface, it was a busy week for new listings, with seven IPOs and six SPACs pricing. But it was also notable for what didn’t happen.