by Wolf Richter
Now the ultimate “Smart Money” is waiting for a miracle.
The IPO pipeline is blocked and chock-full, after a dismal fourth quarter and an abysmal first quarter: in terms of deals, the worst since 2009; in terms of money raised, the worst since before the dotcom bubble. A fiasco with implications for the overall stock market.
So which IPOs are actually is stuck in that pipeline?
First thing you notice is that the VC-backed startups with the most dizzying valuations, such as Uber, Airbnb, Palantir, and Snapchat, are not in the IPO pipeline!