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The unicorn stampede is coming

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

  • Other companies expected to complete IPOs before Christmas include Affirm, Roblox and Wish.

State of play: There are over 500 "unicorns," or upstart companies that are valued at $1 billion or more by venture capitalists. More than half of those are based in the U.S., and around two dozen are valued at more than $5 billion.

  • Among some of the better known names are ByteDance (owner of TikTok), SpaceX, Instacart, Epic Games (maker of Fortnite), Coinbase and Stripe.
  • Then there are the lesser-known cloud software companies seeking to become the next DataDog or Snowflake — valued at a combined $4.6 billion entering 2020, now trading with combined market cap of $130 billion.

"The real story of 2020 is that it's just the preview for 2021, especially if there's a vaccine and the economy roars back," a tech IPO banker tells Axios.

  • Another banker, this one based in San Francisco, adds that he regularly participates in multiple "bake-offs" on the same day for large tech IPOs.

There's also been a recent boom in special purpose acquisition companies (SPACs), which represent another way for startups to go public — including those that might not be ready to do a traditional IPO, like many of the uncommercialized electric vehicle makers.

  • Most of the SPACs formed in 2020 will seek out targets in 2021.

The bottom line: There used to be only a handful of unicorn IPOs per year, due to a limited pipeline, making each one a major Wall Street event. Those days are over.

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Over 100 Republicans threaten to form 3rd party unless GOP breaks from Trump

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Democratic Rep. Stephanie Murphy to announce Senate challenge to Marco Rubio

Democratic Rep. Stephanie Murphy is planning to announce a campaign for the U.S. Senate in Florida against Republican Sen. Marco Rubio in early June, people familiar with the matter tell Axios.

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The 2022 Senate races that will determine control of the chamber

Data: Axios Research, Dave Leip's Atlas of U.S. Elections; Chart: Andrew Witherspoon/Axios

While Republicans are giddy about their chances for regaining the House next year, GOP prospects for taking the Senate remain more uncertain, data reviewed by Axios suggests.

By the numbers: At least five Republican senators are retiring after the midterms, and four of their seats are in battleground states. That makes a simple Republican-for-Republican election exchange all the more difficult.

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