The IPO market may improve in the back half of the year, but it is unlikely to become indiscriminate. In today’s WSJ Pro Venture Capital newsletter, Alpha Partners Managing Partner Steve Brotman offered a measured view of where the market may be heading and what will matter most if the window begins to open.
“My view is that the U.S. remains one of the safer places for capital, and the bigger variable for the IPO market is broader global stability,” Brotman said. “If investors begin to feel that some of the geopolitical uncertainty hanging over the market is easing, I think that could help improve confidence and support a healthier IPO environment in the back half of the year.”
That is an important distinction. The question is not simply whether the IPO market is open or closed. It is whether investor confidence is strong enough to support new offerings, and whether the broader backdrop gives institutions reason to lean back into risk.
Even if conditions improve, Brotman says “I’d still expect the window to be selective, with investors rewarding companies that can demonstrate real durability, strong fundamentals, and a credible path to value creation.”
That outlook reflects a broader reality across venture and growth markets. Capital may return, but it is likely to flow first to businesses that can tell a disciplined, legible story around resilience, execution, and long-term economics. In that environment, quality matters more than momentum.
At Alpha Partners, we continue to view this as a market that rewards selectivity on both sides of the table: investors must stay focused on fundamentals, and companies hoping to access the public markets must be prepared to meet a higher bar.
A healthier IPO environment may emerge. But if it does, it will likely belong first to the companies that have earned it.
Read the full WSJ Pro Venture Capital newsletter here.
Note: The views expressed by Steve Brotman reflect his personal opinions and may not represent the position of Alpha Partners.
