We’re not in a tech bubble—yet. Crazy as some recent valuations look, the volume of IPOs is a lot smaller than in 1999-2000.
We are within spitting distance of those Nasdaq peaks. But yesterday the market closed at 4,234.27—around 2% up on the year, but still about 22% shy of that 5, 408 peak from 14 years ago. Nor are we anywhere near the pace of tech IPOs seen during those manic days. In fact, between 1999 and 2000, a combined 794 tech execs took their companies public on either the Nasdaq or NYSE stock exchanges. By comparison, the 86 tech firms that went public during 2012 and 2013 looks relatively paltry. So far, only about 10 tech companies have gone public in 2014. Here’s a look at the trend. (As a side note, you can also see how Nasdaq’s advantage in landing tech listings has disappeared.)