There’s a strong chance the IPO window has passed. I just don’t see investors willing to jump in here given all the questions about the financial viability of AI.
My guess, it has barely started. I think nearly all AI IPOs have done well so far.

What AI IPOs?

Coreweave, Nebius, most Chinese AI IPOs have done extremely well.

There was one that went up and then back down. Coreweave.