For startups making an exit onto the public markets, traditional IPOs were king until about 2019, when direct listings became the popular alternative, thanks to companies like Spotify and Slack. Then, SPACs stole the limelight in 2020 and these special purpose acquisition companies became the other alternative that more startups began to consider.

Those three routes to the public market — IPO, direct listing and SPAC — are still the main paths for a company to go public, but there are other ways for a business to end up on a public stock exchange in the U.S. as well. Each has its pros and cons, and while traditional IPOs are still seen as the “default,” they’re not the only option. READ MORE