Since IPO activity dropped off a cliff in early 2022, we’ve seen no shortage of speculation and anticipation about when the window will reopen. While much attention has been focused on when companies will start entering public markets again, we’ve been looking closely at where revenue comes from for the most successful IPOs and late-stage private companies.
One critical characteristic they share, which few people realize, is that they are nearly always global businesses before going public—and Europe is the primary driver of their international revenue.
