Number of public companies halved since 2000, mainly due to fewer small firms going public.

The number of publicly listed companies has nearly halved since 2000, driven entirely by a decline in small companies with market caps under $250 million. Companies are waiting longer to go public due to high costs, including $9 billion annually in compliance expenses, which disproportionately affect smaller firms. Going public still offers benefits like easier fundraising, lower borrowing costs, and higher investment compared to private companies, supporting economic growth. This trend highlights challenges for smaller firms in accessing public markets but underscores the value of public listings for capital and growth.