[jcfrei]

Exactly. How can you do an IPO without any earnings? NYSE requires at least $10 mil over 3 years before they even list a company - I'm assuming other exchanges are similar. And if they don't list it on a major exchange, I doubt they can raise that amount of money...

[mortehu]

There's an exchange called NASDAQ that have different sets of financial requirements you can satisfy to get listed. Some of them don't require any earnings at all, e.g. Nasdaq Global Select Market, Standard 4.

https://listingcenter.nasdaq.com/assets/initialguide.pdf