What is a micro cap IPO, and why are they disappearing from the stock market?

We are at an inflection point, a moment when AI-driven mega IPOs are flooding the market—from SpaceX, to the frenzy surrounding OpenAI and Anthropic’s upcoming initial public offerings . Meanwhile, smaller micro cap IPOs are vanishing. Micro cap IPOs are initial public offerings of a company with a market capitalization, or “market cap” (total value of a company’s outstanding shares) historically