A new FT chart maps the surge of dotcom IPOs that flooded U.S. exchanges between 1995 and 2001. Nasdaq listings jumped from a handful to over 300 a year, driving the index past 5,000 points. The graphic highlights how the rapid influx of unprofitable internet firms inflated market valuations and set the stage for a massive correction.

The visual underscores that the late‑1990s saw capital flowing into speculative business models with little revenue. Venture capitalists and retail investors chased growth narratives, pushing price‑to‑sales multiples into double‑digit territory. When earnings failed to materialize, the bubble burst, erasing roughly $5 trillion in market value and leaving dozens of listed companies bankrupt.

For investors, the chart serves as a cautionary reminder that hype can distort pricing mechanisms. It also illustrates why post‑burst reforms, such as stricter listing standards and enhanced disclosure, remain critical for market stability. The data reinforces the need for rigorous fundamentals when evaluating high‑growth IPOs.