He has lived in the world of public markets for over 35 years. He has built companies and raised capital. He’s been a founder, a board member, an investor, and an investment banker. He knows the IPO process from every angle. And this year, after the dust settled from yet another wave of economic uncertainty, he decided to do something bold. He created a summit designed to cut through the confusion surrounding IPOs.
We caught up with renowned capital markets advisor Peter Goldstein of Exchange Listing LLC just after the inaugural IPO Summit 2025 earlier this month. The Summit hosted founders and investors to talk strategy, share stories, and ask hard questions. But this wasn’t just another financial conference, it was a call to action.
According to Goldstein, leaders need better education, more support, and access to people who’ve actually done it right. For him, the small and micro-cap IPO space is still too often overlooked and misunderstood. While Silicon Valley stories grab headlines, countless smaller companies struggle to figure out how to go public or whether they should at all. Goldstein wants to change that.
The summit, he says, is about more than checklists and legal prep. It’s about trust. It’s about building an ecosystem where transparency matters, relationships are real, and the goal is long-term sustainability.
In the conversation that follows, Goldstein shares why the IPO system needs a fresh approach. He explains how the summit tackles the growing hesitation around going public, offers his outlook for the U.S. IPO market over the next 12 to 18 months, and explores what a new era of democratized IPOs could mean for founders and investors alike.
1. There has been a noticeable slowdown in traditional IPOs over the last couple of years, with many companies opting for alternative routes, such as SPACs or direct listings. How does your summit address the current hesitation in public markets, and what conversations are you hoping to initiate around these shifting strategies?
The summit is designed to meet the current market realities. We are not just reflecting on what has happened, we are exploring what is next. The slowdown in traditional IPOs has revealed hesitation, but it has also sparked creativity. The markets are open.
Direct listings, SPACs, and reverse mergers all point to one thing, which is that companies and investors want optionality.
At the summit, we unpacked these alternatives while also challenging the idea that the traditional IPO is broken. It is not broken. It is evolving, just as the markets always have and always will. I wanted to create an open gathering shaping that evolution with market intelligence, practical knowledge, and wisdom. Real insights to support informed decision-making and long-term thinking. Not hype.
2. You’ve brought together a wide range of stakeholders, from underwriters and legal experts to founders and institutional investors. Why was it important for you to curate such a comprehensive view of the IPO landscape?
Because no one goes public alone. Taking a company public is not just a transaction, it’s a highly collaborative and complex process. It takes a full ecosystem of bankers, lawyers, auditors, investors, boards, and, of course, strong leadership at the helm.
When everyone is aligned, the process flows. But I’ve also seen how even the best-intentioned advisors, if not on the same page, can create confusion, delays, and missed opportunities. This summit was built to bring all of the key players together.
It is about connection, alignment, and insight from every angle. Founders get to understand how the professionals think what the markets are really looking for, how to reduce risk, how professional teams can either support or stall momentum.
I wanted to create a space where everyone learns from one another and where the silos break down. That kind of transparency and collaboration is what leads to better-prepared companies and better outcomes in the market.
3. As we head further into 2025, some analysts are cautiously optimistic about a rebound in IPO activity, while others remain skeptical. What is your outlook for the U.S. IPO market in the next 12 to 18 months, and what indicators are you paying closest attention to?
The markets are always open. While these are complex times, I expect a strong IPO market to emerge in the second half of 2025 and continue into 2026.
Geopolitical uncertainty always ripples through the capital markets, and IPOs are no exception. But uncertainty also creates opportunity for those who are prepared.
I’m paying close attention to two key indicators. First, equity market performance and volatility. A strong, stable market with lower volatility levels tends to create a more favorable environment for IPOs. Second, aftermarket returns. When recent IPOs perform well, it builds confidence on both sides, founders feel validated and investors come back for more. Weak returns, on the other hand, can cool the pipeline quickly.
For companies with cross-border operations or international investors, these dynamics come with added layers. There is greater scrutiny and more need for strategic storytelling. It’s not a roadblock, it’s a reminder that clarity, transparency, and strong narrative matter more than ever.
4. With the renewed focus on Trump-era tariffs and ongoing trade tensions, how do you see these economic shifts impacting the IPO market, particularly for companies with global supply chains or international investors?
Shifts in U.S. administration policy, especially around tariffs, trade, and labor, are already shaping market sentiment. These policy moves have real implications for companies looking to go public.
Tariff-induced volatility, supply chain disruptions, and inflationary pressures can directly impact IPO valuations and timing. They introduce new risks that both issuers and investors need to assess carefully.
On the other hand, more business-friendly policies that support capital formation, innovation, and growth could help reignite momentum and lead to more companies entering the market.
At this stage, companies need to be proactive. They need to understand how policy changes affect their global operations, investor appetite and long-term positioning.
5. There’s growing interest in smaller, founder-led companies seeking public listings on alternative exchanges. Do you believe we’re entering a new era of “democratized IPOs,” and how is this summit helping shape that conversation?
Absolutely! We are seeing a clear shift from legacy access to modern inclusion. The traditional IPO model with its high costs, complexity, and gatekeeping is being challenged by innovative models. Smaller, founder-led companies with solid business models and authentic leadership are finding new ways to access the public markets, and I believe in that.
There is compelling evidence that U.S. capital markets are moving toward a more democratized IPO environment. We are seeing companies tap into alternatives, DeSPAC, direct listings, Regulation A+. These models offer flexibility, reduce costs, and expand access, especially for retail investors.
Look at the recent Newsmax IPO. It is a current, high-profile example of how the game is changing. They used a Regulation A+ approach to open their offering directly to the public, bypassing traditional barriers and inviting retail investors into the process. That is democratization in real time.
At the summit, we are giving these models a platform. We are providing education, support, and visibility to help founders choose the right path and enter the market with confidence.
6. Finally, what’s one outcome or connection you hope every attendee leaves the summit with, something that might not be in the official agenda, but is core to what you’re building?
As an entrepreneur for over 38 years, I know that what moves us forward is not just information, it is inspiration. What I want every attendee to walk away with is a sense of possibility. Whether you are a founder, investor, advisor, or industry expert, that energy matters.
This was never just meant to be an event. It was a reframe. A moment to step back from the noise and reconnect with why we do this work in the first place.
As I often say, “If there is one thing I’ve learned in all my years as an entrepreneur, the why matters most.” The summit is about forwarding that purpose. It is a reminder that going public is not just a financial milestone it is a commitment to growth, vision, and impact.
If someone leaves with one powerful relationship, forwarding one bold idea, or one reawakened sense of purpose, that is success to me.
