Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
Some commentators, including the Wall Street Journal, have reported on Cerebras’ plans to list on the Nasdaq. It has been of interest to the press since it would be the first unicorn to go public recently. While there has been a partial recovery in the performance of the Renaissance IPO index (ticker symbol: IPO), the underlying returns generated from new issues from 2020 through 2024 have been horrible. Some venture capitalists have shelved offerings for portfolio companies hoping for an IPO market recovery in 2025. It is far more likely that a rebound will be delayed until 2026 to 2028.
The recovery in the Renaissance IPO Index (ticker symbol, IPO) has not been convincing.
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