JPMorgan: Gehl on AI, tech fundraising, IPO future

A brilliant idea isn't enough anymore; stability is key. Matthew Gehl from JPMorgan explained that capital will flow to companies with robust balance sheets and sound financial management. The market is pickier now; no more wild bets.

Gehl, Co-head of International Technology Investment Banking at JPMorgan, shared these insights at the JPMorgan Tech Stars event in London on October 6, 2026. He stressed that liquidity is seeking refuge in firms showing sustainable growth, not just empty promises.

Forget the startups that burned cash at dizzying rates. Investors now demand a clear path to profitability. It's a sign the wind has shifted from expansion dreams at all costs to the harsh reality of numbers.

Fundraising will be more targeted, and IPOs less frequent, reserved only for the "big fish." Gehl suggested companies must reach a certain maturity and size before considering a public listing. The party's over, in short.

The requirements for accessing public markets have increased. Companies need to demonstrate not only a strong growth trajectory but also impeccable governance and a proven business model. Matthew Gehl highlighted this trend during the event.

Capital expenditure, or Capex, will be spent more cautiously. It's not just about cutting costs, but optimizing every investment to maximize returns. Smart companies will use funds to consolidate their position, not for risky explorations.