A) they’re all getting acquired by these IPO seeking ones
B) nobody is IPOing at $400 million like Amazon did except SPAC share dilution scams, that you have to be willing to pick up at $30 million a year later
C) private secondary markets solve that, for some and are pretty great
D) tokenized synthetic and SPV backed private secondary markets in crypto ecosystems like Hyperliquid give you that exposure too, so now everyone can replicate the 90s
> B) nobody is IPOing at $400 million like Amazon did
Exactly You can't wait to IPO until you're already one of the 10 biggest companies ever AND also grow 2500x post-IPO.
Retail is now exit liquidity for Big VC.