This would be true for any industry other than tech. It feels like every single tech IPO follows the same formula of going public while posting large losses. Se

This would be true for any industry other than tech. It feels like every single tech IPO follows the same formula of going public while posting large losses. See dropbox, box, twilio, spotify, snap, or any other high profile S1 of the last 10 years and you will find that almost none of them make a profit at the time they went public.