Is Venture Exit Window Finally Back?

For three years, venture capital endured its longest liquidity drought in a decade — leaving LPs staring down nearly $200 billion in negative cash flow and 59,400 VC SG Analytics-backed private companies competing against just 4,386 public US companies for a way out. Now 2026 is being billed as the year the door swings open: SpaceX has filed for a June Nasdaq listing at a $1.75 trillion valuation TECHi®, OpenAI is preparing a Q4 2026 IPO targeting $1 trillion IndexBox, and M&A deal value has surged past pre-pandemic peaks.But is the window really open — or just cracked open for a privileged few?