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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

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.