I mean, the driver for these record high multiples is that the Fed has made it very clear that cash will be extremely abundant over the next couple years, and hence worth a lot less. It would be a dereliction of duty for those public investors to not get rid of it ASAP and put it into scarce resources, like the stock of hot Silicon Valley companies.
The folks who are the real losers are any suckers who think they're going to get by with a fixed wage, particularly if they're in a competitive labor market.
OP means in general, and to be fair the tech IPO market post financial crisis has actually been fairly weak. the number of tech IPOs happening right now is at multi year highs
Summer is traditionally quieter since people are on vacation; still kinda holds true now. With S-1s out this week, you have more than enough time for the grunt work to be done before people are back in the office after Labor Day. I'm sure bankers have advised clients to get their ducks in a row because there's going to be a lot of supply and you really don't want to be the last out the door.
Likely because it's the end of the second quarter and they all have high numbers because of Coronavirus and such. For some companies their Q3 ends inside of just after November.
And we all know what happens in the U.S. in November every four years. So there's going to be great concern about the market dipping or taking a dive.
It is indeed a race to the finish before the whole thing crashes down soon.
Maybe as soon as they heard Airbnb and Palantir planned for their IPOs, everyone started to run for the hills for their own IPO filings before the whole thing falls over soon.
Reminds me of the dotcom era. Now this is the time again.
I totally get the feeling behind this, but you can't blame market participants for taking actions that are rational, regardless if the overall market fundamentals are/seem to be irrational.
If the market is desperate for returns, and tech equities are one of the few remaining avenues for such returns, and you are the owner of those equities, what else would you expect to occur? "No no no, don't buy these valuable shares of my company, invest elsewhere!" No way, you're going to cash out as fast as possible before your gains evaporate when the market transitions.
Most undesirable actions by the powerful have a rational character. It's bizzare to me that this is so commonly used as a defense. It says to me that the problems are seen to be individuals, not systems of power.
Note: I'm not commenting on the specific case here, just this argument in general.
