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 ... beyond repair," Laffont said Thursday at the CNBC Delivering Alpha conference. "Twenty or 30 years ago, there were so many more IPOs than today. There's very few IPOs ... there's almost none."

He said it could be a problem for everyday investors, who increasingly find themselves shut out of high-growth companies until valuations are already steep.

"I think it's not a great trend because at the end of the day, it's just ea

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