Unlike the peak in 2021, current software company valuations are not hitting new highs or records.

David Bauer of JPMorgan Chase believes the current euphoria in the IPO market is warranted due to the investment thesis of the reindustrialization of America.

Equity capital markets raised $10 billion in the past week, excluding the SpaceX IPO.

New equity issuance volumes year-to-date are up almost 200% compared to the same period last year.

The IPO market is seeing a return of issuance from the healthcare, biotech, industrial, and energy sectors.

David Bauer predicts a definitive increase in private equity-backed IPOs in the second half of the year.

The successful IPO of SpaceX gives confidence that future large AI-related IPOs, such as from Anthropic or OpenAI, could also be well-received by the market.