IPOs used to be a mechanism companies used to shift into more liquid capital markets for easier financing, money raising, and M&A dynamics. Then SpaceX happened, which essentially proved to the VCs and private investors that private companies can function like public ones and be somewhat liquid too. Truly a master class in cap table and secondary market control. That changed the game, and now you have trillions of dollars of private companies sitting in a black hole retail investors will only be able to touch once the VC bags are filled. While VCs are cheering and excited to dump generational bags, the sad truth is retail (average investor) never stood a chance here. This is bug, not a feature and it’s going to keep happening until either these IPOs fail to price properly or regulations change. This is coming from someone who’s owned SpaceX through SPVs and has sold along the way btw. We used to be a country.