45 Years of Tech Stock Initial Public Offerings (1980-2025)
Data: Jay R. Ritter, University of Florida | The IPO Initiative | Updated January 2026
Real-time analysis based on historical bubble indicators. Compares current year (2025) metrics against 1999-2000 dot-com bubble benchmarks.
Select any two years to compare key IPO metrics side-by-side
Landmark public offerings that shaped the technology industry
Notable achievements and extreme data points from 45 years of tech IPOs
How tech IPO activity has evolved through bull markets, bubbles, and crashes
Tech IPOs dominated during the dot-com era, making up 78% of all IPOs in 1999. After the crash, tech's share dropped to just 16% in 2022 before recovering to 34% in 2025.
2021 was the biggest year ever for tech IPOs by market cap at $746 billion - more than the entire 1980s and 1990s combined. The 2020-2021 boom rivaled the dot-com era in dollar terms.
The role of VCs in bringing tech companies public
VC involvement peaked at 69% of IPOs in 2019, up from just 21% in 1985. Tech companies are even more VC-dependent: 60% of all tech IPOs were VC-backed.
1999 had 250 VC-backed tech IPOs - more than the next 5 years combined. Even 2021's boom only managed 77 VC-backed tech IPOs despite larger individual deal sizes.
How tech IPOs are priced and how they perform on day one
Tech IPOs consistently outperform non-tech on day one. At the bubble peak, tech IPOs averaged 86.7% first-day returns in 1999 vs 17.2% for non-tech - a 5x difference!
The dot-com bubble saw median P/S ratios hit 49.5x in 2000 - meaning investors paid $49.50 for every $1 of revenue. Post-bubble, ratios collapsed to just 3.1x in 2002.
Are companies profitable when they go public? The answer has changed dramatically
In the 1980s, 91% of tech IPOs were profitable. Today, it's just 24%. Biotech is even more extreme - only 4% of biotech IPOs since 2001 were profitable at listing.
When tech made up 78% of IPOs in 1999, 76% of all IPOs were unprofitable. In recent years, 70-80% of IPOs lose money even with tech's share back to normal levels.
Surprising insights from 45 years of data
1999-2000 created $967 billion in tech market cap at IPO - nearly a quarter of the entire 45-year total in just 2 years.
In 1999, there were 250 VC-backed tech IPOs - averaging nearly one every trading day. 2022 had just one.
In 1980, 91% of tech IPOs were profitable. In 2018, it was just 15%. The bar for going public has completely changed.
In 1999, VC-backed tech IPOs had a median P/S of 56.6x at market price. That's paying $56 for every $1 of revenue!
Only 4% of biotech IPOs since 2001 were profitable at listing. Yet investors keep buying - the sector had 676 IPOs.
Tech dual-class IPOs went from 0% in 1980 to 48% in 2025. Nearly half of tech founders now keep super-voting control.
Dot-com companies IPO'd at 4 years old. Today's median is 12 years. Companies stay private 3x longer despite more available capital.
After 370 tech IPOs in 1999, there were only 24 tech IPOs in 2001 - a 94% collapse in just two years.
Despite fewer deals than 1999, 2021 created $746B in tech market cap - 53% more than 1999 and 2000 combined.
VC backing went from 21% of IPOs in 1985 to 69% in 2019. The path to public markets now runs through Sand Hill Road.
How different market periods compare across key metrics