The current landscape for Initial Public Offerings (IPOs) is experiencing a significant downturn, with almost no IPOs occurring. Thomas Laffont of Coatue highlighted that there have been fewer IPOs in recent years compared to the periods following the financial crises and the Internet bubble. Private equity is emerging as a preferred alternative, providing liquidity and growth capital without the regulatory burdens of public markets. The lack of IPOs and large mergers and acquisitions (M&A) activities has led to a mountain of 'stuck' venture-backed software companies. This situation contrasts with the IPO surge during the 2020-21 period, which saw many companies going public, some of which were arguably junk. However, there is an expectation of a resurgence in IPO and M&A activity in the coming quarters, according to Dean Quiambao of Amanino.