VC are not donating money. They are investing. In order for them to be successful, there must be a return on their investment. This means that either companies

VC are not donating money. They are investing. In order for them to be successful, there must be a return on their investment. This means that either companies need to be acquired, or they need to go public. If someone is investing a billion dollars, you'd want to be acquired for 10+ billion in order to have been a good investment. I think this makes IPO a more likely outcome at those investment levels.