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Q1 2024
PitchBook Analyst Note: Vertical Opportunities in a Reopened IPO Window
January 4, 2024
Unlocking liquidity in SaaS, AI, and fintech
Public listings of VC-backed companies in the US earned investors only $28.2 billion in the first three quarters of 2023, down 94% from the same period in 2021. The resulting liquidity crunch has left the VC ecosystem in desperate need of an IPO comeback.
But some verticals, particularly those that received significant investment, are facing disproportionate pressure to provide returns. Our latest analyst note dives into three segments—SaaS, artificial intelligence & machine learning, and fintech—poised to benefit from a reopened IPO window.
Table of contents
Public listings of VC-backed companies in the US earned investors only $28.2 billion in the first three quarters of 2023, down 94% from the same period in 2021. The resulting liquidity crunch has left the VC ecosystem in desperate need of an IPO comeback.
But some verticals, particularly those that received significant investment, are facing disproportionate pressure to provide returns. Our latest analyst note dives into three segments—SaaS, artificial intelligence & machine learning, and fintech—poised to benefit from a reopened IPO window.
Table of contents
| Key takeaways | 1 |
| Current IPO landscape and potential impact of reopening | 2 |
| Key verticals poised to benefit from IPO reopening | 3 |
| SaaS | 3 |
| Artificial intelligence & machine learning | 5 |
| Fintech | 8 |
| Challenges and risks | 10 |