There are a few comments here about how private investors are able to provide sufficient funding that startups don't have to go to public markets anymore. If t

There are a few comments here about how private investors are able to provide sufficient funding that startups don't have to go to public markets anymore. If that is the case, then the self-correcting market mechanism should be : startups don't go public sooner -> employee options are worthless -> employees realize this and start asking for salaries in line with public companies -> private investors don't have enough capital to compete on "liquid compensation" with public companies -> startups are forced to go public Though I think there is still fair bit of time before this happens; too many people still cling to their beliefs in the lottery tickets aka "perpetually illiquid startup options"