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 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 19,571,989 — Total deaths: 726,781 — Total recoveries — 11,939,109Map.
  2. U.S.: Total confirmed cases as of 1 a.m. ET: 4,997,929 — Total deaths: 162,423 — Total recoveries: 1,643,118 — Total tests: 61,080,587Map.
  3. Politics: Trump signs 4 executive actions on coronavirus aid — Democrats, and some Republicans, criticize the move
  4. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective — 1 in 3 Americans would decline COVID-19 vaccine.
  5. Science: Indoor air is the next coronavirus frontline.
  6. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
Updated 59 mins ago - Politics & Policy

Ohio Gov. Mike DeWine again tests negative for coronavirus after positive result

Photo: Justin Merriman/Getty Images

Ohio Gov. Mike DeWine (R) tested negative for COVID-19 for a second time after initially testing positive last week, he announced Saturday.

Why it matters: 73-year-old DeWine was set to meet President Trump Thursday on the tarmac at an airport in Cleveland and was tested as part of standard protocol.

Updated 2 hours ago - Politics & Policy

Republicans and Democrats react to Trump's coronavirus aid action

President Trump speaks to workers at a manufacturing facility in Clyde, Ohio, on Thursday. Photo: Scott Olson/Getty Images

Some Republicans joined Democrats in criticizing President Trump Saturday night for taking executive action on coronavirus aid, with Democratic leaders demanding the GOP return to negotiations after stimulus package talks broke down a day earlier.

Why it matters: Trump could face legal challenges on his ability to act without congressional approval, where the power lies on federal spending. Sen. Ben Sasse (R-Neb.) was the most vocal Republican critic, saying in a statement: "The pen-and-phone theory of executive lawmaking is unconstitutional slop."