Bloomberg:

Despite a recent resurgence in U.S. initial public offerings (IPOs), the overall decline in publicly listed companies persists due to the continued expansion of private markets, according to a Bloomberg.com report. This short-term IPO recovery does not negate the long-term trend of decreasing public listings observed over the past several decades. Bloomberg Intelligence data reveals the extent of this shift. The number of U.S. public companies stood at approximately 4,000 last year, roughly half the figure recorded in 1996. Concurrently, private markets have experienced significant growth, boasting nearly 800 U.S.-based "unicorn" companies, each valued at over $1 billion. The report emphasizes the substantial value now concentrated in the private sector, highlighting "mega-unicorns" such as SpaceX, Anthropic, and OpenAI, all of which command valuations exceeding $100 billion. The presence of these highly valued private entities underscores the compelling advantages of remaining private, even amidst an improving IPO landscape.