Data: raising more private capital correlates with worse post-IPO outcomes for VC-backed companies

MartinGTobias · x · 2026-09-07

A referenced analysis finds that raising more private capital and generating more revenue pre-IPO both correlate with worse outcomes after going public, likely because opaque private markets favor raw scale over a nuanced picture of company health, producing fragile one-dimensional growth. Sharer MartinGTobias adds that staying private longer correlates with lower returns and questions why investment banks aren't taking companies public instead of a Series C.

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