The IPO and SPAC markets are clawing back in 2025, bloodied but unbowed after years of carnage. Forget the fairy tales—this isn’t about hope; it’s about cold reality: cooling inflation, looming rate cuts, and a backlog of cash-strapped unicorns desperate for the public stage. We dig into why only the strong—think revenue, profits, not pitch-deck promises—will thrive, and why one wrong step (geopolitics, valuation tantrums, or a headline flop) could torch the whole recovery. No fluff, just facts: founders need timing and realism, investors need diligence, and everyone needs to stop dreaming. This is the market’s brutal, beautiful reset—tune in to understand it or get left behind.