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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11The 90.4% figure refers to a decline in total U.S. IPO volume in the first nine months of 2022 compared with the same period in 2021—not to a 90.4% fall in technology IPOs alone. In a September 29, 2022 report, Reuters said 14 U.S. technology companies had gone public by then, raising $507 million. The slump reflected volatile markets, inflation and rising interest rates, lower valuations, and weaker investor demand for new listings.
What the 90.4% decline measures
Reuters reported that total IPO volume fell 90.4% in the first nine months of 2022 compared with the first nine months of 2021. That statistic was not identified as a technology-only decline, and it should not be read as a 90.4% drop in tech IPO proceeds or company count. Reuters’ September 29, 2022 report, republished by MarketScreener, gave separate figures for technology listings.
How many U.S. tech IPOs took place, and how much did they raise?
Refinitiv data cited by Reuters showed that 14 U.S. technology companies had floated shares by the report date, compared with 12 in 2009. The 2022 tech IPOs covered in the report raised $507 million, the lowest amount raised through technology flotations since 2000. These are figures through September 29, 2022, not full-year totals. Reuters’ report does not establish what happened for the rest of that year or provide current-market figures.
Why technology listings slowed
Reuters described several pressures working together. Its report is a contemporaneous account, not a causal study that assigns a precise share of the decline to each factor.
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Inflation and rising interest rates
Inflation and rising rates contributed to a difficult backdrop for new listings. Higher rates and uncertainty made investors more cautious, while companies faced a less welcoming market in which to price shares.
Lower valuations and volatile share prices
Tech companies were affected by a broad decline in equity valuations. Reuters reported that the S&P Information Technology index’s forward price-to-earnings ratio stood at 20.18, its lowest since April 2020. The Renaissance IPO index had fallen 50.4%, compared with a 23% decline in the S&P 500 at the time. Those figures show the market conditions reported in September 2022; they are not current readings.
Less appetite for new issues
When investors are less willing to buy newly listed shares, companies may postpone or withdraw offerings rather than accept a lower valuation or uncertain market reception. James Gellert, chief executive of Rapid Ratings, described the period as “a terrible backdrop for IPOs, in particular tech IPOs, which rely on bull markets and momentum investors to bolster their market entries.”
Some potential issuers had raised capital earlier
Rachel Gerring, then Americas IPO leader at Ernst & Young, said technology had been hit disproportionately by the market-wide valuation drop, but noted that substantial fundraising across the sector in 2021 had given some prospective issuers capital to withstand volatility. That observation helps explain why some companies could wait rather than list immediately; it does not mean every company had the same financing options.
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What companies did as the market weakened
Reuters reported in September 2022 that Chobani had withdrawn its U.S. IPO plans that month, while Reddit and ServiceTitan had delayed plans to go public that year. These were examples of decisions made in that period, not statements about the companies’ current listing plans.
The same report described financials and healthcare as brighter U.S. IPO sectors at the time, followed by energy and power. That comparison was also specific to the market conditions reported in 2022.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret the headline today
The headline describes a historical downturn, not the state of the IPO market in 2026. Its 90.4% statistic compares total IPO volume during two nine-month periods in 2021 and 2022; the tech-specific measures are 14 companies and $507 million raised through the report date in 2022. The cited report does not provide verified current IPO counts or market conditions, so those cannot be inferred from the 2022 figures.
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