Why Doesn't Stripe, Valued at $160 Billion, Go Public?
Stripe, valued at $159 billion, and Plaid, valued at $8 billion, recently conducted tender offers, reflecting a structural shift in how companies access capital and provide liquidity. This trend allows firms to bypass traditional IPOs, avoiding dilution and regulatory burdens. The private secondary market reached $240 billion in 2025, surpassing global IPO proceeds. Companies now wait an average of 16 years to go public, and private market assets have doubled to $22 trillion over 12 years. New infrastructure layers like Forge and EquityZen facilitate secondary trading, while platforms like Robinhood’s Ventures Fund I are opening private markets to retail investors. However, risks include structural complexity, valuation opacity, and counterparty risks. Despite a 2025 IPO rebound, many companies trade below their offering prices, making tender offers an attractive alternative amid geopolitical and macroeconomic uncertainty.
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