When founders start to feel that public markets can’t tell the difference between their business and the one next door, they adjust. They stay private for longer, raise another round and look for liquidity elsewhere. The capital is there, in many cases more than ever, but it sits now behind closed doors. That shift has consequences. If the defining technology companies of our era keep scaling outside the public markets, most people will only get access once the heavy lifting is done, or not at all.
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