Plenty of that excitement over Snap’s IPO registration document yesterday was no doubt due to investors and the media eager to recapture the glory days of 2014. You remember, back when startups left and right were going public (there were 46 IPOs in June of that year alone) and Silicon Valley was abuzz with energy and enthusiasm? Lately, the number of initial public offerings has plummeted to… just 3 in January. That’s the sleepiest month for IPOs since June 2009, when the economy was still recovering from the Great Recession.
Of course, plenty of investors think it’s a healthy correction to an overheated market and it’s smart for unicorns to take their time before going public (if ever). Also, things change quickly—IPO activity more than doubled in the second half of last year compared to the first half.
Here’s the ugly chart: