I think that fact that IPOs have grown slower over the years is more about larger VC markets where they can fund valuations up to hundreds of billions rather than something to do with adoption.

As you note, Netscape and Amazon IPOed fairly quickly.

Google took 6 years (1998 to 2004)

Facebook took 8 years (2004 to 2012)

Alibaba Group took 15 years (1999 to 2014)

Claude Code is at $30B annual recurring revenue, and it launched in Feb 2025, and OpenAI at $25B (although they measure partner revenue differently). By comparison the iPhone make $630M revenue in the 12 months after it was launched.