ANALYSIS: Where Did the IPOs Go in the Silicon Valley 150?

In each of the past two years, only two IPOs have made it onto the annual Fenwick–Bloomberg Law SV 150 List of the largest Silicon Valley technology and life sciences companies.

One of the IPOs on the 2023 list—Maplebear Inc., doing business as Instacart—was a big beneficiary of the pandemic, with people deciding to avoid the supermarket in favor of home grocery delivery.

The other IPO making the SV 150 for 2023 is also emblematic of our changing times. NEXTracker Inc. went public in February 2023 with an upsized offering, an indication of high demand that leads a company ...