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   DealBook: Making I.P.O.s great again
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             November 1, 2025
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          Good morning. Andrew here. Hope you had a great Halloween. This a.m., we’re examining how the Securities and Exchange Commission is trying to make it more attractive for companies to go public. DealBook’s Niko
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          Gallogly
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          spoke with the S.E.C. chair, Paul Atkins, about it. My colleague Sarah Kessler also had a conversation with the journalist Michael Steinberger, who wrote an upcoming book about Alex Karp, Palantir’s C.E.O. And make sure to take this week’s quiz about the A.I. economy. (Was this newsletter forwarded to you?
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            <img alt="A close-up of Paul Atkins from the shoulders up while he testifies behind a microphone and gestures with his right hand. " class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F01%252Fbusiness%252F01DB-atkins%252F01DB-atkins-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjE5OTg0NzAuMTc4NzQ3Mn0:1vFAIA:XdZiGAyBIUbVim9CJ_wbCYncdd1NOUtHtaI64Z3seig" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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             Paul Atkins, the chairman of the Securities and Exchange Commission, has said he wants to “make I.P.O.s great again.”
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Manuel Balce Ceneta/Associated Press
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          Can I.P.O.s be ‘great again’?
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             <p style="font:13px/18px arial,sans-serif;letter-spacing:.2px;color:#000;font:600 13px/18px arial,sans-serif;margin-bottom:3px">
              By
              <a class="css-nanfcg" style="-webkit-text-decoration:underline;text-decoration:underline;-webkit-text-decoration:none;text-decoration:none;border-bottom:1px solid #ccc;color:inherit">
               Niko Gallogly
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         <span>
          “You want to stay private as long as possible,” Edwin Chen, the founder of Surge AI, recently told DealBook. His company, he said, has about a billion dollars in annual revenue and is definitely not considering an initial public offering right now.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Despite a soaring stock market, an increasing number of executives seem to share Chen’s philosophy: The number of U.S. public listings dropped from a peak of 8,090 in 1996 to 4,010 last year, according to data
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          from the World Bank
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Fewer companies are filing for I.P.O.s, and more public companies are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          being taken private
         </a>
         <span>
          .
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s a problem for those who consider public markets to be a critical economic engine. And Paul Atkins, the Trump-appointed chairman of the Securities and Exchange Commission, has vowed to “make I.P.O.s great again.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          His plan focuses on reducing hassle for public companies. Will it work?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Atkins’s plan:
         </span>
         <span>
          The chair blames onerous regulation and legal challenges for most of the listings decline. In an interview, he discussed three strategies for reducing the expense of becoming and staying a public company:
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Cut down on required reports and disclosures.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Disclosure isn’t meant to be a torture for somebody,” Atkins said. “It’s meant to provide information, material information, to investors so that they know what they’re investing in.” The S.E.C. has said it will prioritize President Trump’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                proposal to end quarterly reports
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , for example. Critics argue that such changes reduce transparency for investors and increase the potential for fraud.
               </span>
              </li>
             </ul>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Limit shareholder proposals.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Atkins wants to update the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                rule
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                governing the shareholder proposal process so companies can exclude proposals that touch on environmental or social issues from their proxy materials.
               </span>
              </li>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Take aim at shareholder lawsuits.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The S.E.C. has said it will no longer stop a company from going public if it requires investors to sue via arbitration, a move that pushes shareholder suits behind closed doors. The
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                California Public Employees’ Retirement System
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the state pension fund’s manager, slammed the ruling, saying it will weaken investors’ rights.
               </span>
              </li>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Critics say regulating private markets is just as important.
         </span>
         <span>
          At the same time Atkins is pushing for public-sector deregulation, he is supporting private-sector deregulation, such as allowing private equity and other alternative assets to enter retirement savings accounts. Critics of his approach say such change encourages companies to stay private longer, deepening the public listings decline.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Companies today can “keep raising capital, and keep growing, indefinitely while staying in private markets,” Caroline Crenshaw, the S.E.C.’s lone Democratic commissioner,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said
         </a>
         <span>
          in a speech at the Securities Regulation Institute in 2023. The number of so-called unicorns — private companies valued at more than $1 billion — has grown from 39 in 2013 to 1,620 globally, according to Bank of America.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Crenshaw has said putting guardrails on the flow of private capital into the largest private companies, such as by requiring them to complete audits and disclosures, would encourage more companies to go public while protecting investors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Atkins does not see his push to deregulate the private sector as being at odds with his ambition to promote public listings. “Clearly the marketplace is shying away from the public markets,” he said. “That doesn’t mean that we should give advantage to one or the other.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          M.&amp;A. also plays a big role.
         </span>
         <span>
          A study by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Dartmouth researchers
         </a>
         <span>
          showed that the number of both public and private companies that were acquired in the United States accounted for the drop in U.S. listings since the mid-90s.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “If we can make the I.P.O. process as fast and efficient as the acquisition process, we will at least take away that advantage of the acquisition,” said Alexander Platt, a securities law professor at the University of Kansas. Platt proposed cutting down on the monthslong S.E.C. registration and comment period to make I.P.O.s a more competitive path toward liquidity. That approach would be in line with Atkins’s efforts to deregulate public markets.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Others think stronger antitrust enforcement is critical. A recent study by Harvard researchers
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          attributed
         </a>
         <span>
          the rise of mergers and acquisitions to a winner-take-all economy, where start-ups benefit more from being acquired by a large company in their industry than from trying to grow through an I.P.O.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The government shutdown put an initial snag in Atkins’s agenda,
         </span>
         <span>
          but the S.E.C. offered companies a flexible path for filing while the agency is stalled. This week, the travel expense company Navan became the first to do so under the agency’s new rules. On Thursday, Reuters reported that OpenAI was laying the groundwork for an I.P.O. that could value the company at $1 trillion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So far this year, more than 180 U.S. companies have gone public through an I.P.O., compared with 150 last year, according to data from Renaissance Capital.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What number of listings would Atkins count as success?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Hopefully by addressing some of these issues, we could get back” to the number of listings from the 1990s, he said.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="30">
           </td>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             IN CASE YOU MISSED IT
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The New York City mayoral campaign hits its final weekend.
         </span>
         <span>
          With polls showing a double-digit lead for Assemblyman Zohran Mamdani, a left-wing Democrat who favors paying for social programs by taxing the wealthy, supporters of former Gov. Andrew Cuomo are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          making a final push
         </a>
         <span>
          . Former Mayor Michael Bloomberg donated $3.5 million this week to an anti-Mamdani super PAC, on top of $1.5 million he donated to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          separate pro-Cuomo group
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump met with President Xi Jinping of China.
         </span>
         <span>
          Meeting in person in South Korea, the leaders agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a yearlong truce
         </a>
         <span>
          in their trade standoff, with China agreeing to buy millions of tons of soybeans and ease some export restrictions, and the United States agreeing to reverse some of its tariffs, among other concessions. Jensen Huang, the head of Nvidia, said on Friday that he was uncertain about whether the deal brought the company closer to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          resuming sales of its most powerful A.I. chips in China
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jay Powell cited “strongly differing views” at the Federal Reserve.
         </span>
         <span>
          As expected, the central bank
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lowered its benchmark lending rate by a quarter point
         </a>
         <span>
          on Wednesday. But Powell said it would be a mistake to assume another cut at its next meeting, saying such a move “is not a foregone conclusion — far from it.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Other big deals:
         </span>
         <span>
          Nvidia became the first publicly traded company to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          top a $5 trillion valuation
         </a>
         <span>
          .
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Amazon
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          UPS
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Paramount
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          General Motors
         </a>
         <span>
          announced layoffs. OpenAI adopted
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a new for-profit structure
         </a>
         <span>
          . And Bill Gates
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          signaled a shift
         </a>
         <span>
          in his thinking on climate change.
         </span>
        </p>
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           <td style="text-align:center">
            <img alt="Alex Karp sits on a stage with his hands folded at his waist. Two blurred American flags hang from poles in the background. " class="css-xsf469" height="375" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F11%252F02%252Fbusiness%252F02DB-Karp%252F02DB-Karp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NjE5OTg0NzAuMTc5NDE1Mn0:1vFAIA:Ny8lyyLi4bFxXj80Del5LgOQLVtj6wh6-UR6aGsgacs" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              In a new biography, the journalist Michael Steinberger charts the rise and philosophy of Alex Karp, above, the chief executive of Palantir.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Caroline Gutman for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Unwinding the philosophy of Palantir’s C.E.O.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Palantir’s software powers everything from supply chains to national security, and its share price has soared this year with the commercial success of its A.I. integration product and high hopes that a second Trump presidency will mean even more government contracts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Alex Karp, who has been Palantir’s C.E.O. since its founding, has a Ph.D. in philosophy and no prior business or management experience. The journalist Michael Steinberger charts his unlikely rise as the leader of a $460 billion company in an upcoming book, “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Philosopher in the Valley
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Steinberger talked with DealBook’s Sarah Kessler about Karp’s personal philosophy and political evolution. The interview has been edited and condensed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Palantir acknowledges that its software could be misused in a
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
          dangerous way
         </a>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          . How much do decisions about whom Palantir works with depend on Karp’s personal philosophy?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company has said from the start that it exists to help defend the United States and the West. They were not going to work with the Russian or Chinese government. They’re not going to sell technology for military purposes or intelligence purposes to a foreign government if the American government says no.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          When Israeli intelligence approached Palantir back in the mid-2010s, there was opposition internally — I don’t want to suggest it was from a majority — but Karp felt strongly about it, and as the C.E.O., he made the decision that he was fine with it. And so that’s an example where his own views kind of ruled the day.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The book also charts how Karp’s political leanings have changed over the last several years. What did that look like?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He always described himself as a progressive. Way back in the day, he called himself a neo-socialist. But even when he described himself as a Democrat, he was very opposed to what he saw as a fixation on the left with identity politics. Oct. 7 had a huge impact on his thinking as well. He was very outspoken about the protests on college campuses, which he saw as suffused with antisemitism.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He’d spoken very critically of Trump in the past, and even during Trump’s first presidency he wasn’t expressing enthusiasm for him. And then Trump won, and he kind of got on board.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          One way to explain all of the C.E.O.s publicly praising Trump is that they want to protect their companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s more than just opportunism and necessity. There is also an ideological factor at play.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Part of what made Palantir such an intriguing company is that you had Karp, the self-proclaimed progressive, and Peter Thiel, a co-founder, who was this libertarian moving to the far right. For many years, this contrast served as a kind of shield for Palantir.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Judging by the things Thiel has written and said, and then by the candidates he supported, his idea of what it means to defend the West was never about defending pluralistic, multiracial democracy. It was about the West as a collection of countries with a shared Judeo-Christian heritage and varying degrees of attachment to free enterprise.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Karp suggested it was something else, that the West was a political project, that defending liberal democracy was Palantir’s mission. And I think it’s fair to say that he has moved closer to Thiel in recent years.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          In an interview this week, Karp said that he’s just acknowledging Trump’s accomplishments and that you have “Trump derangement syndrome.” What do you make of that?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          My self-serving explanation is that he knows some of the concerns I’ve raised about Trump are probably true, but he doesn’t want to acknowledge them, not publicly and not even privately.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And I think he also is probably not thrilled that the book brings up some of the harsh things he said about Donald Trump 10 years ago.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Karp wrote his Ph.D. dissertation on the rhetoric of fascism. What did he say about concerns that the U.S. government is becoming more authoritarian?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Karp is very well versed on this topic. He knows where the kind of rhetoric that Trump has used can lead, where it has led in other countries. He does not believe it’s going to lead to the same outcome here.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The question is, are there red lines for him? What developments might cause Palantir to reconsider, say, its willingness to work with ICE?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Karp has not said publicly, and it wouldn’t behoove him to say publicly, what those are.
         </span>
        </p>
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