While tech IPO activity didn’t see a major spike in 2018, investment to potential candidates continues to grow significantly and 2019 could shape up to be a blockbuster year for tech IPOs, according to the latest CB Insights Tech IPO pipeline .

The report features 286 of the “most promising and highly valued” technology companies ready to launch IPOs, but notes that not all, or few may actually do so. Many just crossed the $100M valuation threshold, while others continue to tap into creative sources of capital in the private markets; and still others may never see a liquidity event.

Particularly noteworthy, there has been almost six times more $100M+ private financings than IPOs of US venture-backed tech companies this year.

“The continued frothiness in the private markets has minted more than 40 new US tech unicorns in 2018 YTD,” the report stated in its overview.

Of the venture-backed US tech companies that went public this year, the median time between their first financing and public offering was 10.1 years. Compare that to 2013, when the median time was just 6.9 years.

“Consider that if Uber, Airbnb, Pinterest, and Slack were to go public at their rumored IPO valuations, they would all rank among the 10 largest venture-backed tech IPOs since 2012,” the report concluded.

Other findings from the report include:

  • The median time between first funding and IPO for US VC-backed tech companies that went public in 2013 was 6.9 years.
  • The median time between first funding and IPO for US VC-backed tech companies that went public in 2018 YTD was 10.1 years.
  • The top 5 IPO prospects that are most likely to go public are Cloudfare, rubric, Medallia, Zoom and Peloton.
  • In 2018, the 286 Tech IPO Pipeline companies raised $30.5 billion in equity financing.
  • California-based companies dominate the Tech IPO Pipeline with 177, while North Carolina has 3.
  • Andreessen Horowitz moves up two spots to first on the list of investors with the most investments in Tech IPO Pipeline companies this year.
  • The top five investors in the Tech IPO pipeline are Andreessen Horowitz, Kleiner Perkins, Google Ventures and Sequoia Capital. Andreessen Horowitz moved up two spots to first place. Investors who made the ranking after not appearing on the top 20 last year include Y Combinator and Thrive Capital.
  • Andreessen Horowitz, Tiger Global, and Sequoia Capital topped all investors with the highest number of billion-dollar Tech IPO Pipeline companies in their portfolio, each with 20 or more. Sequoia Capital first invested in 45 percent of its pipeline companies in the billion-dollar club at the seed or Series A stage. The list is rounded out by a mix of venture capital firms such as Founders Fund, NEA, and Spark Capital, and traditionally late- stage investors such as Wellington Management, Fidelity Investment, SoftBank, T. Rowe Price, and Baillie Gifford & Co.