The 2000 IPO Collapse – and Why Burry's Watching Michael Burry, who predicted the 2008 crisis, recently noted that the upcoming IPOs of SpaceX, OpenAI, and Anthropic could raise as much capital as more than 300 internet and tech IPOs did in 2000 combined. That year is the cautionary tale. The U.S. IPO market produced 446 deals raising $108.15 BILLION, led partly by foreign issuers and AT&T Wireless's $10.62 BILLION offering – the largest U.S. issuer IPO in history. A euphoric Q1 saw the Nasdaq hit an all-time high of 5,132 on March 10, with the average IPO nearly doubling on its first trading day. Tech accounted for roughly 70% of all deals in the first three quarters. Then it broke. That tech share fell to 48% in Q4 as the sector that drove the mania was abandoned. Once-high-flying start-ups that raised at peak valuations faced layoffs, distressed sales, and bankruptcy. By Q4, only 58 IPOs priced and gross proceeds collapsed 63% to $17.45 BILLION – just nine in all of December. The Nasdaq closed the year at 2,470. The market wide open in March was effectively closed by December. The "irrational exuberance" had fully reversed.