Two probable reason for the drop in IPOs.
One interest rates are high so borrowing to launch new businesses is limited.
Two financial deals are not the goal today.
Many US corporations will want to be called conglomerates in the years to come as they poach business from each other in the manufacturing sectors.
Current IPO valuations are likely less then the last round of seed capital. Hard to IPO if you undercut your VC. Also, VC seems to dry up as nobody want to put in near recent valuations
They went bust in the 1980s and were broken up–piecemeal–for cash.
Aren’t we lucky we no longer have supply-side economics?