Illustration: Lazaro Gamio/Axios

The traditional "IPO window" for tech companies has been shattered, says Scenic Advisement, a San Francisco-based investment bank that works with private companies.

Why it matters: Trends like staying private longer and raising more money before going public have changed the equation, and we'll see a wider variety of approaches instead of one-size-fits-all.

"It's not ever gonna look the same again," Scenic Advisement co-founder Barrett Cohn tells Axios of startups seeking perfect market conditions and then getting the first-day price pop. "If there's a market issue, companies are gonna find a way to get it done."

  • Expect to see many high-profile companies float a relatively small number of shares, including IPOs in which only one class of stock is listed for companies with multiple classes (to better maintain control).
  • Expect to see more IPO "alternatives," like the direct listing route taken by Spotify and (coming soon) Slack.
  • Liquidity via secondary sales or acquisitions will continue to be a popular option.

Yes, but: The IPO window may have been a mirage all along. "The IPO window was already greatly exaggerated," Lise Buyer, founder of IPO consulting firm Class V Group, adding that it's only ever truly shut after a major financial crisis or if the government is shut down.

Go deeper: Fundraising no longer the top goal of some tech IPOs

Go deeper

Updated 33 mins ago - Politics & Policy

Supreme Court denies Pennsylvania GOP request to limit mail-in voting

Protesters outside Supreme Court. Photo: Daniel Slim/AFP via Getty Images

The Supreme Court on Monday denied a request from Pennsylvania's Republican Party to shorten the deadlines for mail-in ballots in the state. Thanks to the court's 4-4 deadlock, ballots can be counted for several days after Election Day.

Why it matters: It's a major win for Democrats that could decide the fate of thousands of ballots in a crucial swing state that President Trump won in 2016. The court's decision may signal how it would deal with similar election-related litigation in other states.

Microphones will be muted during parts of Thursday's presidential debate

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

The Commission on Presidential Debates adopted new rules on Monday to mute microphones to allow President Trump and Joe Biden two minutes of uninterrupted time per segment during Thursday night's debate, AP reports.

Why it matters: In the September debate, Trump interrupted Biden 71 times, compared with Biden's 22 interruptions of Trump.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: Wisconsin judge reimposes capacity limit on indoor venues.
  4. Media: Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic.
  5. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  6. Sports: We've entered the era of limited fan attendance.
  7. Education: Why education technology can’t save remote learning.