Do you see the trend? Companies are waiting longer to go public. What does this mean for index investors? Lost upside. Consider Amazon: IPO valuation: 23 billion Current valuation: 2.43 trillion Amazon is 105x bigger now than it was at IPO! If you held VTSAX, you had a piece of this incredible action! If Amazon had IPO'd at 500 billion, the upside would have only been 5x.
Raising late-stage capital is about more than hitting big revenue numbers. It's about telling the right story, tracking the right metrics, and building relationships that compound over time.