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Snowflake is by far the most valuable company in the 2020 IPO class, sporting a market cap of over $73 billion. As tech investors look to 2021, they may not see another Snowflake, but they'll find plenty of fast-growing enterprise companies on the horizon.
According to venture capitalists and tech bankers, at least a dozen companies could raise $1 billion or more each in IPOs next year, though some may choose to go public through direct listings. The level of activity largely depends on how the market performs in a volatile economy, which is being hit hard by another surge in coronavirus cases.
Based on the market's recent strength, there's reason for optimism. Following a post-election rally that's lifted stock indexes near record highs, consumer tech companies, including Airbnb, DoorDash and Wish, are rushing to hit the public market by year-end instead of waiting until 2021.