After a clear recovery in growth stocks last year, Astera Labs (ALAB) and Reddit (RDDT) have kicked off 2024’s tech IPO pickup. Still, many of the largest software unicorns are content sitting on the sidelines, as valuation multiples remain below pre-pandemic levels. Importantly, jumbo private rounds from 2020-2021 mean they have no immediate need for capital, as demonstrated by the balance sheets of VC-backed tech unicorns like Instacart, Klaviyo, and Reddit.
Even as the Nasdaq and S&P 500 hit all-time highs, the CEO of...
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