From the trading floors of tomorrow, the signals are decidedly cool: Airtable, the spreadsheet-meets-database darling of the enterprise software set, is more likely than not to keep its shares firmly out of public hands for the foreseeable future. Prediction markets on Kalshi place the probability of an official IPO announcement at a mere 22 percent — odds that would give even the most optimistic underwriter pause.

Airtable, valued at some $11 billion in its 2021 funding round, has long been whispered about as a candidate for the public markets. Yet the company has shown no urgent appetite for the scrutiny and quarterly theater that accompanies a stock exchange listing. With $1,149 in daily trading volume behind this contract, market consensus holds that an announcement remains a distant proposition rather than an imminent event. In the parlance of the trading desk: don't book the ticker-tape parade just yet.

Should interest rates ease further or the IPO window crack open with a string of successful tech listings, those 22-cent odds could climb in a hurry.