They are waiting for years to be public. They are still waiting.

A car in San Francisco is trying to go publicly from Rental Start-up Turo, 2021. But in early 2022, an unstable stock market delayed its list. Since then, the company has waited for the right time.

Last week, Turo pulled his listing completely. “Now isn’t the right time,” the company’s CEO Andre Hadd said in a statement.

For months, investors have eagerly estimated the wave of initial public offerings, inspired by President Trump’s new administration. Since its election victory in November, which ended the season of a campaign, Corporate America and Wall Street began a proof of a proof, regulation period. The stock market moved beyond an expected bonanza of the deal.

But the administration’s tariff announcements and rapid fire regulatory changes have created uncertainty and instability. The deteriorating inflation has shut down the market’s gear. And last month, due to the emergence of the Chinese Artificial Intelligence App, Dipsek, investors questioned their optimistic stake on the US tech, which led to heavy sales between shares related to AI.

All have affected the initial public offerings. Phil Haslette, a founder of Equalityen, said, “The calendar was completely widely opened like three weeks,” said Phil Haslet, a founder of Equalityen, which helps private companies and their employees sell their stocks.

This year so far, the pace of public offerings is ahead last year, companies have raised $ 6.6 billion from listing, compared to 14 percent compared to last year, according to Renaissance Capital, which IPO-centric exchange traded Manages the fund.

Nevertheless there are no indications of the IPO wave, many of which had estimated, especially from companies with large names who spent the last two years waiting to go publicly. In addition to Turo’s canceled listing, Serbra, AI Chip Company, which filed its investment prospectus in this previous decline, has also delayed the plan to go publicly.

IPO advisors and analysts said it would be too early to know that comprehensive economic concerns about inflation, interest rates and geopolitical risks would cause other companies to change their plans. More listing is expected in the second half of the year.

“We need to give some more time to see that the administration starts landing on some of these major topics that are running some uncertainty,” Rachel Gerning said, IPO leader for America in EY, an accounting and Professional services Atal. “The IPO scheme is still getting too much.”

A lending start-up and an investment and trading provider, Etoro, Clarna have filed confidentially to list their shares in recent months. But many of the most valuable private technical companies, including strips and databricics, have indicated that they are planning to stay private for now by raising capital from private market.

David Solomon, Chief Executive Officer of Goldman Sachs, said last month that one of the reasons IPO activity was slow that start-ups could get the necessary capital from private investors. Goldman helped in strip, payment start-up of $ 70 billion, raising billions of dollars last year, he said.

“This is a company that would never have been a private company today, looking at the needs of its capital, but today you can,” he said. conference Conducted by Cisco.

To further reduce the pressure to go publicly, the strip has allowed its employees and shareholders to sell some of their stocks regularly for the last few years, allowing them to cash so that they list the company Do not pressurize The transaction known as the tender offer helps to eliminate the problem of employee shares and pay workers to pay bills related to sales.

According to the number and size of tender prasad in 2024, according to CartaA site that helps start-ups to manage its shareholders. Carta customers offered 77 tenders in 2024, above 68 in 2023. He raised $ 3.5 billion last year, more than $ 1.7 billion raised in 2023.

The AI ​​Data Company, Databricics raised $ 10 billion from investors in December. A part of the money went towards operations, but Databricics stated that it would be used to cash out to the current and former employees and pay their taxes.

In addition, in December, a data company, Vim said that it raised $ 2 billion in funds going to existing investors. This year, Plade hired Goldman Sachs to raise up to $ 400 million in an tender proposal, which would allow shareholders to cache out, according to the person familiar with the case.

Mr. Solomon said that he has often told start-up founders that there are three reasons for public going into public, and two of them allow them to raise their stocks and sell their stocks-have been resolved by private markets.

He advised the founders to go publicly “with great care”, as they would change their ways to run their businesses. “It is not fun as a public company,” he said.

Companies that want to go publicly are waiting. In early 2022, many people postpon their plans, when interest rates rose and war in Ukraine participated in markets.

Justworks, a payroll and profit software provider, was away from pitching public investors about a list in January 2022 when it was decided to delay. At that time, Chief Operating Officer Mike Secller said that it was attracted to push and list the shares anyway, as so much work had gone into preparation for a public offer.

He said that 2022 wore, the market volatility and poor performance of companies that proved that Justworks had made the right call, he said. Justworks did not require capital – it had $ 125 million in the bank – and it was profitable.

In the end of 2022, Chief Executive Officer Mr. Sekler said, “It seemed that we would force something to do, as is protested to capitalize on a moment of enthusiasm for our business.”

Justworks eventually terminated their listing plans and never planned to try again soon. “Our time will come,” said Mr. Seclar.

A trip and expenditure management software manufacturer, Navan, confidentially filed his plans to publicly visited in 2022, but a person familiar with the matter said. Start-Up recently went to a “non-sad” roadshow to meet investors and laying groundwork for a listing in the second half of the year, said the person said.

Stubhub, the ticketing company, who filed to be public in 2022, has been aiming to list its shares for some time this year, said a person familiar with the case.

With unstable markets, bankers have pushed tech companies, often blessed, to find a way to earn money, people familiar with the conversation said. Bankers want to generate at least $ 200 million in annual revenue to appeal to public investors. If a company is small or losing money, investors want to see high revenue growth, people said.

Amy Batte, the Chief Financial Officer of the Navan, said, “The bar went up to the type of companies that could be public.”

Sanjay Dhawan, Chief Executive Officer of Software Company, Symphony, said that bankers have asked him to hit revenue from $ 200 million to $ 300 million before going publicly. He said that the company retreated from $ 400 million last year and took advantage.

Shri Dhawan said that he was waiting for clarity from the election before making an IPO plan.

“Now everyone knows what economic policies will see,” he said. “Everyone is feeling a little relieved to start the plan.” He said that instability from Deepsek was only a short -term reaction.

At least one tech company has recently made it in public markets. On Thursday, a cyberspace company supported by private equity firm Thomas Bravo, Selpost Technologies raised $ 1.38 billion in a public offer, which gave a price of about $ 12 billion. But its stock fell 4 percent from the IPO price of $ 23 on the first day of its trading.

Ecvityzen’s Mr. Haslet said, “The public offering market really to go,” it is taking some brave companies to come out. ,