Of all the major alternative rock bands of the early '90s, Smashing Pumpkins were the group least influenced by traditional underground rock. Lead guitarist/songwriter Billy Corgan fashioned an amalgam of progressive rock, heavy metal, goth-rock, psychedelia and dream-pop, creating a layered, powerful sound driven by swirling, distorted guitars. Corgan was wise enough to exploit his angst-ridden lyrics, yet he never shied away from rock-star posturing, even if he did cloak it in allegedly ironic gestures. In fact, the Smashing Pumpkins became the model for alternative rock success -- Nirvana were too destructive, Pearl Jam shunned success. The Pumpkins, on the other hand, knew how to play the game -- signing to a major-subsidized indie for underground credibility, moving to the major in time to make the group a multi-platinum act. And when the group did achieve mass success with 1993's Siamese Dream, they went a long way to legitimize heavy metal and orchestrated prog-rock, helping move alternative rock even closer to '70s AOR rock, especially in the eyes of radio programmers and mainstream audiences. And, unlike many of their contemporaries, the Pumpkins were able to withstand many internal problems and keep selling records, emerging as the longest-lasting and most successful alternative band of the early '90s.

The son of a jazz guitarist, Billy Corgan grew up in a Chicago suburb, leaving home at the age of 19 to move to Florida with his fledgling goth-metal band, the Marked. After the band failed down south, he returned to Chicago around 1988, where he began working at a used record store. At the shop he met James Iha (guitar), a graphic arts student at Loyola University, and the two began collaborating, performing and recording songs with a drum machine. Corgan met D'Arcy Wretzky at a club show; after arguing about the merits of the Dan Reed Network, the two became friends, and she joined the group as a bassist. Soon, the band, who had named themselves Smashing Pumpkins, had gained a dedicated local following, including the head of a local club who booked them to open for Jane's Addiction. Before the pivotal concert, the band hired Jimmy Chamberlin, a former jazz musician, as the group's full-time drummer.

In 1990, the Smashing Pumpkins released their debut single "I Am One" on the local Chicago label Limited Potential. The single quickly sold out, and in December, the band released "Tristessa" on Sub Pop. By this point, the Smashing Pumpkins had become the subject of a hot bidding war, and the group latched on to a clever way to move to a major label without losing indie credibility. They signed to Virgin Records, yet it was decided that the group's debut would be released on the Virgin subsidiary, Caroline; then the band would move to the majors. The strategy worked. Gish, a majestic mix of Black Sabbath and dream-pop produced by Butch Vig, became a huge college and modern rock hit upon its spring 1991 release. While it earned a large audience, many indie-rock fans began to snipe at Smashing Pumpkins, accusing them of being careerists. Such criticism did the band no harm, and they embarked on an extensive supporting tour for Gish, which lasted over a year and included opening slots for Red Hot Chili Peppers and Pearl Jam.

During the Gish tour, tensions between the band members began to escalate, as Iha and D'Arcy, who had been lovers, went through a messy breakup, Chamberlin became addicted to drugs and alcohol, and Corgan entered a heavy depression. These tensions hadn't been resolved by the time the group entered the studio with Vig to record their second album. Towards the beginning of the sessions, the Pumpkins were given significant exposure through the inclusion of "Drown" on the Singles soundtrack in the summer of 1992. As the sessions progressed, Corgan relieved himself of his depression by working heavily -- not only did he write a surplus of songs, he played nearly all of the guitars and bass on each recording, which meant that its release was delayed several times. The resulting album, Siamese Dream, was an immaculate production owing much to Queen, yet it was embraced by critics upon its July 1993 release. Siamese Dream became a blockbuster, debuting at number ten on the charts and establishing the group as stars. "Cherub Rock," the first single, was a modern rock hit, yet it was "Today" and the acoustic "Disarm" that sent the album into the stratosphere, as well as the group's relentless touring. Smashing Pumpkins became the headliners of 1994's Lollapalooza, and following the tour's completion, the band went back into the studio to record a new album that Corgan had already claimed would be a double-disc set. To tide fans over until the new album, the Pumpkins released the B-sides and rarities album Pisces Iscariot in October of 1994.