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Lens #015 - Why the IPO is over (and where the money actually went)
Ten years ago the goal was always the same. Build the company, ring the bell, take it public. That was the entire endgame and everyone organized around it. Today most of the companies people actually want to own are avoiding the public markets completely.
Uber stayed private for 9 years. Airbnb for 11. Stripe is worth over $95 billion and still hasn't listed. OpenAI is still private. If you're waiting on IPO liquidity to deploy capital, you're waiting on something that's happening less and less every year.
In this one I break down where that money went instead, and why the secondary market…
The skinny
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