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What’s Going on With Startups’ Rush to the Public Markets

The IPO window is getting narrower. 

The New York Stock Exchange (NYSE) in New York, U.S., on July 20.

The New York Stock Exchange (NYSE) in New York, U.S., on July 20.

Photographer: Michael Nagle/Bloomberg

Hi, it’s Sarah McBride here. The great initial public offering rush is upon us. Last week alone, 24 companies listed their shares on Wall Street exchanges, raising a combined $11.9 billion. Investors reaped the spoils—JFrog Ltd. shares popped 47% on their first day of trading, Unity Software Inc. rose 31% and Snowflake Inc. jumped by 112%. 

And the rush isn't over yet: Next week Palantir Technologies Inc.—previously valued at as much as $20 billion—is slated to go public in a direct listing that its backers have been pining for for more than a decade