Private Companies Delay IPOs Amid Market Shifts

New data shows US firms are staying private longer while commanding higher valuations before hitting public markets.

Updated on Oct. 15, 2026 in Investing

Private Companies Delay IPOs Amid Market Shifts

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Rossen Djounov of GAM Investments highlighted that the median age at initial public offering for US companies has tripled since 1999, reaching 12 years between 2020 and 2025. This trend reflects a broader shift where major firms choose to remain private to avoid public disclosure burdens.

Why it matters

Companies are increasingly opting for private funding rounds over public debuts due to the ample availability of capital and high compliance costs of public markets. This creates a landscape where significant growth occurs before retail investors can access these assets.

The median market value at IPO rose to $1.812 billion in 2020-2025 compared to $493 million in 1999. Additionally, 75% of US companies generating over $100 million in revenue remained private as of June 2026.

The players

Rossen Djounov

He is a Managing Director at GAM Investments who specializes in private capital market analysis.

GAM Investments

This is a global asset management firm that provides investment solutions across various asset classes.

Liberty Street Advisors

This investment firm has been actively involved in funding late-stage US private companies since 2014.

The details

Investors are increasingly accessing these late-stage private opportunities through secondary-market platforms and evergreen fund structures. Managing these investments requires rigorous due diligence regarding ownership chains, transfer rights, and issuer approval requirements.

1999 served as the baseline for comparing IPO age and valuation metrics.
Data analysis spanned 804 US companies from January 2010 to June 2026.
The median age and valuation data were sampled from the 2020-2025 period.
Private revenue concentration was reported as of June 2026.
Rossen Djounov presented the analysis in October 2026.

Market Dynamics

This analysis marks a departure from the historical IPO cycle of the late 1990s where companies typically sought public listings shortly after inception. The shift reflects a structural change in how capital is allocated before firms enter the public exchange.

Retail investors face limited access to high-growth innovation sectors that now remain concentrated in private markets. Wealth management strategies must account for these longer private life cycles to capture returns historically realized only after an IPO.

The takeaway

Investors should note that the most significant growth in modern companies now occurs while they remain under private ownership. Achieving exposure to these firms requires utilizing specialized vehicles rather than relying on traditional stock exchange entry points.