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Public markets are quietly losing their edge.
Apollo's latest research makes it hard to argue otherwise: IPOs have underperformed the broader market on a 3-year buy-and-hold basis in nearly every year since 2019. 😯
Even SpaceX, one of the most anticipated listings in years, wasn't immune - dropping sharply within weeks of its debut.
The takeaway isn't "some IPOs disappoint."
It's that the public listing, as a value-capture moment, has structurally weakened since 2019.👎
Which raises the real question: if going public isn't where the value gets captured anymore, where is it?🤔
Increasingly, upstream. In the private market - where most of the growth curve now happens before a company ever gets listed.
That's a massive investable universe completely walled off from the broader market.
Fission is opening that door.🚪🏛️
Hear it straight from the CEO: opportunities in the private market sector and how you can position yourself early. 👇
Interview with NYSE 📹
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