M&A as a Path to Liquidity for Founders

Summary

Morgan Stanley's Brittany Skoda discusses a founder survey showing 62% still plan for an IPO, but many are now balancing IPO ambitions with M&A as a faster path to liquidity, especially in AI and software.

• IPO markets remain challenged, pushing founders to consider dual-track paths.
• 62% of surveyed founders plan for an independent IPO.
• M&A is increasingly viewed as a faster route to distribution and liquidity.
• Morgan Stanley advises clients to broaden planning beyond just an IPO.