Did you hear about the trend in markets that was red-hot until the Iran war came and threw cold water on it? I could be talking about any number of things. But, in honor of SpaceX's recent filing to go public , I'm speaking specifically today about the IPO market. On the surface, 2026 has started strong enough. The $24 billion in proceeds raised by IPOs in the first quarter is nearly double the same period in 2025. But after the start of the Iran war in late February, the IPO count and total