When startups go the IPO route, what stock exchanges are used?

Exit routes for startup investments vary and don't always involve IPOs. Examples of other exit strategies include secondary sales, where you sell shares to later-stage investors, and acquisitions by other companies. When IPOs do happen, the big successful startups likely go to NASDAQ or other US exchanges, while smaller, locally-known startups tend to use local European exchanges. However, venture capital shouldn't rely only on IPOs for exits. Corporate connections matter significantly because they enable commercial due diligence, provide first reference customers, and most importantly, help in building an acquisition case early in the startup's development. The IPO market has been closed in the US for the past several years, so funds need a solid acquisition plan as their primary exit strategy. IPOs should be considered as a backup option if a startup becomes an overachiever with over 200 million in annual recurring revenue and an IPO window opens.