The 2020 tech IPO drought in Silicon Valley is about to end after a wave of filings on Monday brought 13 new companies into the IPO pipeline. Now, four software unicorns and a PC maker are contending for the year’s first tech listing out of the Bay Area/Silicon Valley. Palantir and Airbnb are reportedly readying IPO filings as well.
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| 5 Bay Area Tech Companies File to List in the US | ||
|---|---|---|
| Issuer Business |
Deal Size |
Headquarters |
| Asana (SANA.RC) | Direct Listing | San Francisco, CA |
| Provides enterprise task management and collaboration software. | ||
| Corsair Gaming (CRSR) | $100M | Fremont, CA |
| Designs and supplies personal computer and gaming hardware components. | ||
| Snowflake (SNOW) | $2,000M | San Mateo, CA |
| Provides cloud-based SQL database software and warehousing. | ||
| Sumo Logic (SUMO) | $100M | Redwood City, CA |
| Provides on-demand cloud log management solutions to enterprises. | ||
| Unity Software (U) | $1,000M | San Francisco, CA |
| Provides a real-time 3D video game development platform. | ||
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Silicon Valley has not produced a single tech IPO this year; the last deal came from financial automation unicorn Bill.com (BILL) in December 2019. By this time last year, Silicon Valley had produced nine tech IPOs. While ridesharing giants Uber (UBER) and Lyft (LYFT) have underperformed, the 2019 group averages a return of more than 100%, with several flying up more than 400%.
Instead of listing, Silicon Valley tech IPOs have raised money privately, while managing their post-COVID stories and working to avoid WeWork’s fate by improving profitability.
While the Bay Area has continued to produce healthcare IPOs in 2020, the drop in the tech sector is particularly stark given the number of pre-IPO tech unicorns waiting to go public, and the level of IPO activity from tech companies outside of California. These have included ZoomInfo (ZI; Vancouver, WA), BigCommerce (BIGC; Austin, TX), Vroom (VRM; New York, NY), nCino (NCNO; Wilmington, NC), Duck Creek (DCT; Boston, MA), Jamf (JAMF; Minneapolis, MN), Vertex (VERX; King of Prussia, PA) and a number of tech companies in China.
