The IPO surge 2026

The 2026 IPO surge is being called a market signal.

It's actually a seller signal.

OpenAI is adding ads to prove revenue. Sequoia and a16z are sitting on 8-year-old funds. Insiders have paper gains with nowhere to go but public markets.

And the S&P 500 quietly waived its profitability requirement — unlocking $30 trillion in pension money to buy in at valuations set by the people selling.

The founders took the risk in 2017. The VCs priced the rounds in 2020. The pension funds buy in 2026.

That's not democratization. That's distribution.

The window didn't open because it's your time to enter. It opened because it's their time to exit.

Know which side of the trade you're on.