NASDAQ CEO Adena Friedman has expressed her views on the lack of resurgence in startup IPOs. She stated that while the S&P 500 has performed well, smaller cap companies are struggling. This is reflected in the performance of late-stage startups, which are not yet ready for an IPO due to weaker financials. Additionally, higher interest rates have made it challenging for companies burning through cash to support their growth. Friedman believes that IPOs will start to return with momentum in 2025.

Source: https://techcrunch.com/2024/10/27/nasdaq-ceo-adena-friedman-isnt-surprised-we-havent-seen-a-resurgence-in-startup-ipos-yet/