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

As AI-driven mega IPOs flood the market, and amid a regulatory crackdown, smaller companies are vanishing from the Nasdaq and NYSE.
We are at an inflection point, a moment when AI-driven mega IPOs are flooding the market—from SpaceX to the frenzy surrounding OpenAI’s and Anthropic’s upcoming initial public offerings. Meanwhile, smaller micro-cap IPOs are vanishing.