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But we saved everything 🙂.
Andy Constan, founder / strategist at Damped Spring Macro, compares past and future IPO activity. Constan highlights that from 1995 through 2000, 2,555 IPOs collectively raised roughly $250 billion, with an implied market cap of $1.4 trillion. He notes that in 2026, just three companies are projected to raise about the same amount, but at combined valuations more than twice those of the previous six-year period.
Constan has previously noted that debates about Goog’s equity raises often miss the ongoing share issuances made to employees over several years, as seen in his review of Goog’s share distribution history. In a separate commentary, he highlighted losses for investors holding long positions in BTC and MSTR during a sharp market downturn, raising questions about risk metrics in volatile environments. These observations come as Constan continues monitoring major financial events and trends.