They have been waiting for years to make public. They are still waiting.

Turo, a new car rental company in San Francisco, has been trying to go over with 2021. But a volatile stock market in early 2022 delayed its list. Since then, the company has waited for the right time.

Last week, Turo withdrew his list completely. “Now it is not the right time,” said Andre Haddad, executive director of the company, in a statement.

For months, investors have anxiously anticipated a wave of initial public offers, stimulated by the new administration of President Trump. Since their electoral victory in November, which ended a tumultuous campaign season, Corporate America and Wall Street have announced the beginning of a period of pro-company regulation. The stock market shot before an expected bonanza.

But administration tariff ads and rapid fire regulatory changes have created uncertainty and volatility. The worsening of inflation has triggered the nerves of the market. And the emergence of the application of Chinese artificial intelligence Deepseek last month caused investors to question their optimistic bets on US technology, which led to a drastic liquidation between ai -related actions.

Everything that has affected the initial public offers. “The calendar simply went from being completely reserved to be open in a period of three weeks,” said Phil Haslett, founder of Equityzen, a site that helps private companies and their employees sell their actions.

So far this year, the rhythm of public offers is ahead of last year, with companies raising $ 6.6 billion listings, 14 percent more compared to this time last year, according to Renaissance Capital, which Administers negotiated funds on the stock -centered on OPO.

However, there are no signs of the OLA wave that many had anticipated, especially the renowned companies that had spent the last two years waiting to make public. In addition to the Turo, brain canceled list, a ai chips company that presented its investment prospect last fall, has also delayed plans to make public.

It is too early to know if macroeconomic concerns about inflation, interest rates and geopolitical risks will make other companies change their plans, said OPI advisors and analysts. More listed in the second half of the year are expected.

“We need to allow a little more time to see where the administration begins to land in some of these key issues that are promoting part of uncertainty,” said Rachel Gerring, leader of the OPI for America in EY, a professional accounting and professional services firm . “The planning of the IPO is still a long time.”

Klarna, a new loan company, and Etoro, an investment and trade supplier, have been confidentially presented to list their actions in recent months. But many of the most valuable private technology companies, including Stripe and Databricks, have indicated that they plan to stay private for now by increasing private market capital.

David Solomon, executive director of Goldman Sachs, said last month that one of the reasons why OPI's activity had been slow was that new companies could obtain the capital they needed from private investors. Goldman helped Stipe, the new payment company valued at $ 70 billion, raises billions of dollars last year, he said.

“That is a company that would never have been a private company today, given its capital needs, but today you can,” he said in a <a target="_blank" class="css-yywogo" href="https://www.ciscoaisummit.com/on-demand/capital-markets-ai-david-solomon-goldman-sachs.html” title=”” rel=”noopener noreferrer” target=”_blank”>conference Organized by Cisco.

To further relieve the pressure to go over, Stripe has allowed its employees and shareholders to sell some of their actions on a regular basis in recent years, allowing them to withdraw delay so that they do not press the company to list. Transactions, known as bidding offers, also solve the problem of the actions of employees who expire and help workers pay tax bills related to sales.

The number and size of bidding offers grew in 2024, according to LetterA site that helps new companies to administer their shareholders. Letter customers made 77 bidding offers in 2024, compared to 68 in 2023. They raised $ 3.5 billion last year, more than double the $ 1.7 billion raised in 2023.

Databricks, an ai data company, raised $ 10 billion of investors in December. Part of the money went to operations, but Databricks said that some of them would also be used to allow current and previous employees to withdraw and pay their taxes.

Also in December, Veeam, a data company, said it raised $ 2 billion in funds that were for existing investors. This year, Plaid hired Goldman Sachs to raise up to $ 400 million in a bidding offer that would allow shareholders to collect, according to a person familiar with the matter.

Mr. Solomon said that he often told the founders of the new companies that there are three reasons to make public, and two of them, raising money and allowing shareholders to sell their actions, have been resolved by private markets.

He advised the founders to make public “with great caution”, since doing so will change the way they direct their businesses. “It's not fun to be a public company,” he said.

Companies that want to make public have been waiting. Many postponed their plans in early 2022 when interest rates increased and the war in Ukraine shook the markets.

Justworks, a payroll and benefits software provider, was days after presenting public investors on a list in January 2022 when he decided to delay. Mike Seckler, the director of Operations at that time, said it was tempting to advance and enumerate the actions anyway, since so much work had prepared to prepare for a public offer.

But as it took 2022, market volatility and the low performance of the companies that listed showed that Justworks made the correct call, he said. Justworks did not need capital, had $ 125 million in the bank, and was profitable.

“He began to feel that we would be forcing something, instead of capitalizing a moment of great enthusiasm for our business,” said Mr. Seckler, who became executive director in the late 2022.

Justworks finally discarded his listing plans and does not plan to try again in the short term. “Our moment will come,” said Seckler.

Navan, a travel and expenses management software manufacturer, appeared confidentially to become public in 2022, but then withdrew his plans, said a person familiar with the matter. The new company recently conducted a “does not deal” to meet investors and establish the bases for a list in the second half of the year, the person said.

Stubhub, the ticket company, which was presented to become public in 2022, also aims to list its actions at some point in this year, said a person familiar with the matter.

With the volatile market, bankers have pressed technology companies, which are often not profitable, to find a way to earn money, people familiar with conversations said. Bankers want new companies to generate at least $ 200 million in annual income to attract public investors. If a company is smaller or loses money, investors want to see high income growth, people said.

“The bar increased for the type of companies that can be public,” said Amy Butte, financial director of Navan.

Sanjay Dhawan, executive director of Symphonyai, a software company, said the bankers have told him to reach $ 200 million to $ 300 million in revenues before going over. The company exceeded $ 400 million last year and obtained profits, he said.

Mr. Dhawan added that he had been waiting for the clarity of the elections before making opi plans.

“Now everyone knows how economic policies will look,” he said. “Everyone feels a little relieved when they begin to plan.” Deepseek's volatility was just a short -term reaction, he added.

At least one technology company recently reached public markets. On Thursday, Sailpoint Technologies, a cybersecurity company supported by the private capital firm Thoma Bravo, raised $ 1.38 billion in a public offer that valued it at around $ 12 billion. But their shares fell 4 percent below its OPI price of $ 23 per share on their first day of negotiation.

In order for the public offer market to really start, “some brave companies will be needed to leave,” said Haslett of Equityzen.