| Hi, Agen. Welcome to 2024. Perhaps one of the most anticipated changes in the new year for many in the startup world is a potential return of the IPO markets, especially since last year didn’t do much to break a two-year hiatus for new startup listings. But our latest forecast holds that 2024 — at least the first half — may not show the lively comeback you’re hoping for. Here’s why. Last year certainly didn’t see the IPO markets for new tech listings come roaring back, as many had hoped. In fact, after lackluster performances by the only two major venture-backed startups to go public, the year ended on a down note. What does that mean for 2024, and how are investors and startup entrepreneurs thinking about going public? Between the rapid ascendance of AI and the often dramatic downfall of startups large and small, 2023 was action-packed. We expect 2024 to be the year when things settle down a bit — but that doesn’t mean there aren’t some big trends to watch in the new year. Here are our top five. While funding continued to trend down in 2023, big raises were there to be had. More than a dozen startups in the U.S. — many of them AI startups — raised $500 million or more in funding rounds and some got a lot more than that. We look at the biggest rounds of the year, starting with a $10 billion round to you-know-who. Funding to the unicorn class of companies — those private startups valued at $1 billion or more — has fallen dramatically in 2023, to around 22% of what it was in the 2021 market peak. So perhaps it’s no surprise that investments in unicorn companies by leading investors from Andreessen Horowitz to Coatue have dropped precipitously in 2023. See also: The Crunchbase Unicorn Board Down rounds in 2023 became increasingly common. They weren’t isolated to troubled companies, either. In fact, valuation resets were visited upon some companies widely considered to be the most likely to have IPO plans for the next few years. | 
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