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There are dozens of reasons a company might not want to go public via the traditional channels.

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SPAC naysayers were right to identify loose monetary policy as one of the drivers of SPACmania, but it's worth considering a more generous interpretation: The traditional IPO process just isn't a good fit for many otherwise viable IPO candidates. The SPAC market has since slowed down, with deals occurring at a frequent but less conspicuous pace. And just to send SPAC naysayers over the edge, WeWork - everyone's favorite harbinger of market delusion - agreed to a $1.3 billion SPAC acquisition deal at the end of the quarter. This record was surpassed with 97 deals in February and yet again with 109 deals in March. January saw a record-setting 86 SPAC IPOs. These concerns were exacerbated by the blistering pace of blank-check deals at the start of the year. Critics saw SPACs as a dangerous form of financial wizardry and a symptom of easy money being pumped into markets by the Federal Reserve.

SPACs or no SPACs, companies want alternatives to the traditional IPOДЄt the start of 2021, there was a lot of public anxiety surrounding SPACs. And what's up with all the stock pops anyway? Turns out, tech companies still come crawling back to Goldman one way or another.

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Are company narratives still important? Yes, and breaking free of conventions can pay off in a big way. In doing so, we hope to provide more clarity on some of the big-picture questions facing the tech IPO market: Have SPACs lost their luster? A bit ( sorry, Chamath), but tech companies still want alternatives to the traditional IPO. We wanted to break free of this cycle to reflect on the state of tech IPOs. The problem with this cycle is that it stops too early: A stock's opening-day pop only really reflects the extent to which a few overworked investment bankers underestimated investor demand. By the time one stock starts trading, several tantalizing new S-1s are already up for inspection. The first six months brought us the Alex Rodriguez SPAC, an $85 billion Coinbase debut and a mysterious delay in the Robinhood S-1 filing that was ultimately cleared up when the firm paid a token fine.ДЄmid the recurring frenzy, it's easy to slip into a familiar pattern of analysis: Wait for an S-1 to drop, react to the financial disclosures, then see whether the stock ' pops' after its trading debut. 2021 is shaping up to be a disorienting year for tech IPOs.

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