It's unreasonable to assume that the faucet for investment money will be open indefinitely, especially when investors don't get the benefits they would have wit

It's unreasonable to assume that the faucet for investment money will be open indefinitely, especially when investors don't get the benefits they would have with a public company: liquidity, transparency, etc. Staying private indefinitely is not just regulartory arbitrage, it's also maintaining significant control and information assymetry between managers / early investors and the rest of the investors and employees.