U.S. venture-backed technology 1 companies have secured nearly $90 billion in domestic public offerings this year, per Crunchbase data. That's already the second-highest annual tally on record, and we've still got a few months to go. However, virtually all the money went to two companies. SpaceX alone accounted for 83% of the $90 billion raised this year, while AI infrastructure company Cerebras Systems scooped up another 6%. A potential offering from Anthropic, meanwhile, could be even bigger. The remaining field is comparatively modest. Just 21 other venture-backed technology companies went public this year in sizable Nasdaq or New York Stock Exchange offerings 2, per Crunchbase data. Collectively, their offerings, which include traditional IPOs and SPAC deals, pulled in less than $10 billion. This small cohort is intriguing for what it excludes as well as what it includes. Enterprise software, long a staple industry among venture-backed IPOs, was essentially a no-show this year....
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