🚀 JPMorgan says the “private-for-longer” era for startups is ending
posted 7 Oct 2025
After three years of stagnation, startups are shifting from a “private-for-longer” mindset toward IPO plans as a key way to raise capital. JPMorgan Chase & Co. predicts a new wave of public listings within two years.
Matt Gehl, co-head of JPMorgan’s global technology investment banking division, said that many companies that once emphasized staying private “for the long haul” are now “ready to be private just a bit longer” and are actively discussing IPO preparations. JPMorgan expects the next major wave of listings to come in 2027–2028.
Speaking at the TechStars London conference, Gehl noted that momentum is building in both the U.S. and the UK. In the first nine months of 2025 alone, U.S. companies and their shareholders raised $255 billion, which is the highest level in four years.
Governments are also working to encourage listings: the U.S. administration is considering eliminating quarterly reporting for most public companies to reduce the regulatory burden and make listings more attractive. In the UK, Finance Minister Rachel Reeves is in talks with potential issuers to restore London’s status as a global IPO hub.
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Gehl emphasized that such measures “won’t force companies to go public,” but will create a more supportive environment. “If we make the process simpler, it will give public companies more room to compete with private ones,” he said.
Governments are also working to encourage listings: the U.S. administration is considering eliminating quarterly reporting for most public companies to reduce the regulatory burden and make listings more attractive. In the UK, Finance Minister Rachel Reeves is in talks with potential issuers to restore London’s status as a global IPO hub.
Read also: Crypto Regulations in the UK
Gehl emphasized that such measures “won’t force companies to go public,” but will create a more supportive environment. “If we make the process simpler, it will give public companies more room to compete with private ones,” he said.
After a prolonged downturn caused by market volatility and tighter monetary policy, a new IPO cycle appears to be emerging. JPMorgan expects the technology sector to lead the next wave of listings over the coming two years.
