Philippe Laffont, founder and portfolio manager of Coatue Management, speaks during CNBC's Delivering Alpha event in New York City on Nov. 13, 2025.Hedge fund manager Philippe Laffont sounded a stark warning about the state of the U.S. IPO market, arguing that the ecosystem for taking companies public has deteriorated significantly.Coatue Management's founder and portfolio manager said the market today bears little resemblance to the vibrant IPO pipeline of prior decades."The IPO market is completely broken ...