Huge recent fundraising deals for Databricks, SpaceX and OpenAI further delay need for stock market debuts
The hottest start-ups in Silicon Valley are finding ways of staying private for longer, dashing the hopes of investors waiting for blockbuster public listings to cash in their holdings. A series of recent tech deals have furnished the biggest start-ups with billions of dollars of new capital to continue growing and given employees a way to cash out valuable stock options — resolving two of the main issues that have traditionally pushed companies to go public.
Having found a way to scale and to provide ways to cash out on their shares — a vital weapon in the fight for talent — private companies are also dodging some gruelling aspects of going public. “If you have a bad quarter you can be hammered for it, you can have activists,” said Luke Ward, an investment manager at Baillie Gifford who has invested in SpaceX.
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