The number of U.S. companies listing on stock exchanges has plunged. From more than 7,800 in 1994, the count now sits around 4,700—a 40% drop that alarms market watchers. SEC Chairman Paul Atkins vows to fix it. He calls his blueprint ‘Make IPOs Great Again.’ And it’s gaining steam.
Atkins laid out the plan in a keynote at the Economic Club of Washington on April 21, 2026, marking his one-year anniversary as chairman. ‘More than a corporate milestone, I believe that every IPO is also an invitation for workers and savers to participate in the prosperity of the next generation of American enterprise,’ he said, according to the full transcript on the SEC website. Fewer listings mean fewer chances for everyday investors. Public markets stagnate while private funds hoard growth stories.
But change is coming fast. Atkins has instructed staff to draft proposals on four fronts. First, a new regulatory ‘on-ramp’ to ease IPO entry, building on the JOBS Act. Second, broader breaks for disclosure, not just for small firms. Third, simplified shelf registrations so companies can tap markets swiftly. Fourth—and most disruptive—optional semiannual filings instead of quarterly 10-Qs. ‘Giving companies the optionality for a quarterly or semiannual regulatory filing cadence,’ Atkins specified.
Quarterly reports? They’re not sacred. The SEC mandated them in 1972, after a brief semiannual stint starting in 1955. President Trump urged ditching them last September. Atkins agrees it’s time. Making them optional could slash costs, free executives from short-term pressures, and lure firms wary of the public glare. Barron’s captured the shift: ‘For some companies, that likely means quarterly earnings reporting will soon be a thing of the past.’
This builds on Atkins’s earlier pitch. Back on April 7, he unveiled a three-pillar strategy at the Texas Stock Exchange’s ‘Boom Belt’ event in Miami. Pillar one: modernize disclosures around materiality. Pillar two: Let states handle governance, not the SEC. Pillar three: Tame litigation risks that scare off issuers. He posted about it on X: ‘Great to be at @TXStockExchange’s Welcome to the BOOM BELT event where I spoke about my 3 pillar plan to “Make IPOs Great Again.”‘
Critics worry. Less frequent reports might obscure risks. Investors rely on 10-Qs for timely insights. Yet Atkins counters that overload drowns signal in noise. His ‘A-C-T’ framework—Advance innovation, Clarify rules, Transform the rulebook—guides the overhaul. The SEC has withdrawn 14 proposals already. Enforcement now targets real fraud, not nitpicks.
Private markets loom large too. Atkins flagged opacity in private credit during the same speech. ‘The SEC is closely monitoring both the lending gap that private credit has filled and the emerging pressures that it has experienced, including elevated redemption requests and rising default-rate projections,’ he noted. ‘Opacity in this space can be an issue.’ Transparency matters. Valuation. Credit quality. Still, he eyes wider access for investors, with safeguards.
Markets react with cautious optimism. IPO volumes ticked up last year, but nothing like the dot-com boom. Tech unicorns stay private longer, backed by soft money. Atkins’s moves could flip that. Shelf rules alone might unlock billions. Semiannual option? Game on for mid-caps.
And the timeline? Aggressive. Proposals near. Public comment soon. Commission vote by summer, perhaps. Atkins rang the NYSE bell April 20 to celebrate his year in. Symbolism fits. Markets crave action.
Opposition brews in corners. Some X users blast delays in other filings, question transparency. Retail advocates fear dilution. But data backs Atkins. Public floats shrink. Valuation gaps widen. Reforms aim to balance.
Success hinges on execution. Will commissioners align? Congress watch? Investors buy in? One thing clear. Atkins isn’t waiting. The SEC machine hums toward lighter touch. IPOs might just roar back.
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