The Time to Sell Index (TTSI) jumped to 26.8 in 2025, fueled by a sharp rebound in IPO activity with 347 listings. That marked a 125% climb from 2022 lows and a 54% year-over-year increase. Momentum is back. Liquidity is returning. Founders can feel it.
But this is not a seller’s market.
Looking ahead, the 2026 pipeline tells a more tempered story. With roughly 190 companies currently queued for IPO and a normalized estimate of about 275 listings, the TTSI is expected to settle closer to 16.8. Translation: the market is stabilizing, not accelerating.
Timing still matters more than most founders think. The difference between exiting at the right moment versus the wrong one can swing outcomes dramatically, often accounting for more than half of a company’s value. While conditions are far better than the 2022–2023 trough, persistent higher interest rates and global uncertainty are keeping a lid on full recovery.
What could change that? Watch the next wave of AI IPOs. If major players like OpenAI, Anthropic, or SpaceX hit the public markets, they could reset expectations overnight and inject real energy back into the system. Until then, the pace remains measured.
The takeaway is simple: the market is recovering, not roaring. This is a window to build, tighten operations, and position for strength. The real upside comes when the shift to a true seller’s market happens, and we are not there yet.