Reviewing 45 years of IPO data, one conclusion stands out: IPOs, on average, underperform the market in their first three years, and the situation is getting worse: – 2020: 79% below the market – 2021: 68% below – 2022: 72% below – 2023: 88% below The essence of IPOs is the same old story in the crypto world: high valuations and low FDV, turning anyone who participates in buying into a tool for others to exit liquidity. SpaceX just completed the largest IPO in history, while OpenAI and Anthropic are lining up for their fall listings.