It is a combination of liquidation preferences & far more money going into the private market as there are fewer "investable" options in the public market & ass

It is a combination of liquidation preferences & far more money going into the private market as there are fewer "investable" options in the public market & asset allocation becomes broader (a trend I see continuing: https://medium.com/@emad/asset-allocation-not-share-prices-will-drive-vc-funding-723c0591d77c https://medium.com/@emad/asset-allocation-not-share-prices-w...) This is why you see hedge funds, family offices etc playing the $100m+ round space as Andreesen Horowitz for example showed in their recent funding report. This is different to prior instances as there was less money available in the private market at this stage as typically public markets were seen as the preferred venue A final few reasons were a) higher interest rates at prior times which made convertible notes/bonds not as attractive versus an equity IPO round and b) IPOs provided liquidity events that you can emulate now