After years of promoting private fundraising over public exits, JPMorgan Chase & Co. reports a shift among its startup clients. Many who once championed the “private-for-longer” approach are now preparing for public listings. According to Matt Gehl, who oversees technology investment banking for the firm across Europe, the Middle East, and Africa, startups are revising IPO timelines toward 2027 and 2028, signaling a measurable change in sentiment and liquidity planning.
IPO readiness and capital momentum
In the first nine months of 2025, U.S. equity capital markets raised $255 billion, the most in four years. This momentum parallels renewed optimism in London, where three recent listings tested investor appetite for tech IPOs. At JPMorgan’s TechStars event in London, Gehl noted that founders are exploring conditions for listing viability rather than indefinite private funding cycles. Governments in both the U.K. and U.S. are introducing reforms to make public markets more accessible.
→ Explore more developments signaling industry disruption.
Policy environment
The U.K. Chancellor of the Exchequer Rachel Reeves has prioritized incentives to attract listings to London, part of a larger initiative to boost competitiveness post-Brexit. In the U.S., the Securities and Exchange Commission is moving to fast-track President Donald Trump’s proposal to end quarterly reporting for most companies. Gehl states that this could reduce reporting burdens for public firms, allowing more flexibility in long-term investment planning.
Investor behavior
The renewed IPO pipeline reflects both capital market recovery and investor repositioning. Venture-backed startups that previously delayed listings to avoid valuation volatility are now seeking liquidity to satisfy limited partners. Institutional investors view this shift as an opportunity to rebalance exposure between private equity and public markets. Companies preparing for IPOs are expected to prioritize governance and profitability metrics to attract institutional demand.
Competitive implications
Public readiness initiatives could alter competitive dynamics within the tech ecosystem. Access to public capital may help mid- to late-stage startups close funding gaps, outpacing rivals dependent on extended private rounds. Regulatory changes that reduce compliance costs may further incentivize this transition. According to Gehl, “All these things add up to reducing the burden to go public but none of them are a reason somebody’s going to go.” The overall tone signals strategic recalibration rather than an IPO rush.
Strategic significance
For startups, the shift toward IPO readiness by 2027 suggests that public markets may again become viable growth engines. The combination of eased regulations, government incentives, and market liquidity is creating a more favorable environment for exits. Founders preparing early will likely secure stronger valuations and investor confidence once windows fully reopen. This realignment positions 2027–2028 as a pivotal cycle for venture-backed technology listings across major markets.
Reference
Surane, J., & Mackenzie, T. (2025, October 7). JPMorgan sees end of ‘private-for-longer’ mantra for startups. Bloomberg. https://www.bloomberg.com/news/articles/2025-10-07/jpmorgan-sees-end-of-private-for-longer-mantra-for-startups
