This is one of my favorite research charts describing 2021 (and, in fact, a decade-long trend).

Investors have never really cared less whether an IPO makes money.

In line with the spiking number of SPACs (mostly representing unprofitable companies), about 75% of IPOs last year were for companies that don’t make any money (which was slightly down from 80% unprofitable stock-market debuts in 2020).

What does this mean?

• Maybe not all stock buyers are the short-termists they are sometimes made to be?
• Maybe the ongoing tech hype produces more and more companies telling a „future-profit story“ that will soon fall apart?

Who knows. In any case, IPOs are different now.