Nanotech’s first big IPO is not happening. Yesterday, Nanosys announced it was withdrawing its initial public offering because of “adverse market conditions.” The plethora of analysts and pundits suddenly expert on the nanotech market (what market, you might wisely ask) are having a heyday on the profound question of the day: what does it all mean for the future of nanotechnology? The answer is nothing has changed: nanotech is still a few years away from having any significant commercial impact. (The more interesting question is why are all these Wall Street types following an industry that doesn’t even really exist yet.) One does have to think that Nanosys (profiled earlier this year in Technology Review) is making a smart move here–one that will let the company focus on developing the science and technology it will need if it is ever to get products out the door.