{"id":1020,"date":"2026-07-28T15:23:25","date_gmt":"2026-07-28T15:23:25","guid":{"rendered":"https:\/\/www.vaultinsider.top\/?p=1020"},"modified":"2026-07-28T15:23:25","modified_gmt":"2026-07-28T15:23:25","slug":"the-ipo-hype-cycle-returns","status":"publish","type":"post","link":"https:\/\/www.vaultinsider.top\/?p=1020","title":{"rendered":"The IPO hype cycle returns"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/07\/ARCE-The-Reckoning.jpg?w=2048\" \/><\/p>\n<div id=\"\">\n<p class=\"wp-block-paragraph\">Illustrated by Liverpool-based designer Stephen Chan, the Feb. 1, 2016, cover of <em>Fortune<\/em> warned of a fast-approaching reckoning for the tech sector\u2019s billion-dollar unicorn IPOs. The illustration depicts a stampede of unicorns racing for the exit, while the cover line warns of a broken IPO market. Among the cautionary tales in the feature are Lending Club, whose IPO was 20-times oversubscribed but saw its price fall by 50% from its high within the first year of trading, and GoPro, which reached its peak of $94 per share shortly after listing\u2014it now trades at $0.68. This year has been billed as the year of the trillion-dollar IPO. SpaceX was the first to go public in June, with OpenAI and Anthropic also targeting lofty debuts.<\/p>\n<div class=\"paywall\">\n<p class=\"wp-block-paragraph\">Many retail investors were clamoring for a slice of Elon Musk\u2019s aerospace business, and the fervor surrounding the IPO helped push SpaceX\u2019s share price to a peak of $176 in its first day of trading, cementing its status as the largest IPO in history. Since then, however, SpaceX\u2019s share price has been in steady decline, wiping $1 trillion from its highs. Savvy investors will be best advised to follow Amanda Gerut\u2019s playbook and follow the revenue, read the prospectus, and stay patient. A decade after <em>Fortune<\/em> warned that investors and ambitious CEOs were overhyping tech companies, the markets are once again showing that, while hype can fuel a record-breaking IPO, it can\u2019t sustain a billion- (or trillion-) dollar valuation.<\/p>\n<p class=\"wp-block-paragraph\"><em>This article appears in the August\/September 2026 issue of<\/em>  Fortune.<\/p>\n<\/div>\n<div class=\"flex flex-col layout-gap-md\">\n<div class=\"not-prose empty:contents [:has(*[data-empty=true])]:hidden clear-both\">\n<div class=\"typography-level-4 mt-4 font-graphik-compact [&amp;_*_a]:hover:underline [&amp;_*_a]:text-accent\" data-cy=\"subscriptionPlea\"><span class=\"description-parser contents\" data-cy=\"description\"><strong>The Fortune 500 Innovation Forum<\/strong> will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what\u2019s next for the American economy, <strong>Nov. 16-17 in Detroit. Apply here.<\/strong><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>#IPO #hype #cycle #returns<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illustrated by Liverpool-based&hellip; <\/p>\n","protected":false},"author":1,"featured_media":1021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[428,1850,1847,1849,1848,575,480,806,573],"class_list":["post-1020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-anthropic","tag-cycle","tag-fortune-archives","tag-hype","tag-ipo","tag-ipos","tag-openai","tag-returns","tag-spacex"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The IPO hype cycle returns - Finance News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vaultinsider.top\/?p=1020\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The IPO hype cycle returns - Finance News\" \/>\n<meta property=\"og:description\" content=\"Illustrated by Liverpool-based&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.vaultinsider.top\/?p=1020\" \/>\n<meta property=\"og:site_name\" content=\"Finance News\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-28T15:23:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2026\/07\/ARCE-The-Reckoning.jpg?w=2048\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u4f5c\u8005\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u5206\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.vaultinsider.top\\\/?p=1020#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.vaultinsider.top\\\/?p=1020\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/www.vaultinsider.top\\\/#\\\/schema\\\/person\\\/ed40724a3e5d482ce66781a042c3c31e\"},\"headline\":\"The IPO hype cycle returns\",\"datePublished\":\"2026-07-28T15:23:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.vaultinsider.top\\\/?p=1020\"},\"wordCount\":294,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.vaultinsider.top\\\/?p=1020#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.vaultinsider.top\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/ARCE-The-Reckoning.jpg\",\"keywords\":[\"Anthropic\",\"cycle\",\"Fortune Archives\",\"hype\",\"IPO\",\"IPOs\",\"OpenAI\",\"returns\",\"SpaceX\"],\"articleSection\":[\"Finance News\"],\"inLanguage\":\"zh-Hans\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.vaultinsider.top\\\/?p=1020#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.vaultinsider.top\\\/?p=1020\",\"url\":\"https:\\\/\\\/www.vaultinsider.top\\\/?p=1020\",\"name\":\"The IPO hype cycle returns - 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