Renaissance Capital, which tracks the IPO market, counts 37 companies in registration targeting $10 billion of proceeds. But that's just the beginning: Renaissance has 234 companies targeting 2019 IPOs with valuations of nearly $700 billion, with a strong possibility that 2019 will be a record $100 billion year for IPO proceeds, passing the 2000 record of $96 billion.
It all sounds terrific, but there's a simple problem: Who's going to buy all this stuff?
"We are concerned about how the public markets will absorb all this issuance," Kathleen Smith from Renaissance Capital told CNBC.
Her point is that the market is very different than it was 20 years ago. There are fewer individual investors. Many don't even have brokerage accounts. They have financial advisors who do asset allocation using index investing and ETFs. These financial advisors often aren't even stock pickers and don't follow the IPO market. They are asset allocators.
"The era when your broker called you up and said, 'We've got a hot deal for you,' is mostly over," Smith said.