IPOs solve two problems: They help the investors/owners increase their personal wealth, and they give the companies a large inflow of both cash and and new structure for their stock. The question becomes what are the companies going to do with their new pile of resources? Cash can be put into operations, growth, research etc. Stock can be used as leverage for M&A activities. It changes the runway, the options for compensation and incentives to the staff, and the options for large expensive projects.

Whether or not this is the peak depends entirely on what they do after the IPO. If they just use their money as an extended runway to keep doing the same stuff they are doing today, they will probably sink. If they use it to take their research and products to new heights, they will probably rise. And if they do M&A and scoop up a lot of small companies, then it depends on how good they are at integrating acquisitions. There is also the question of "Is money a bottleneck for innovation and growth?" If money is not the bottleneck, then the IPO becomes far more about the investors cashing out than the company being empowered by new capital.

So "is the peak?" is going to be answered by a more strategic question of "Does the leadership of this company have the skills to effectively use the incoming resources?"