I think the general trend is to IPO much later at a very high valuation so the company needs to be an enormous success for retail investors to just break even.

I think the general trend is to IPO much later at a very high valuation so the company needs to be an enormous success for retail investors to just break even. There is just not much upside left. It's also bad for regular employees. They have to stay on for very long before can make some money.