Sure, that's how it is now, but it definitely hasn't always been that way. The original public companies definitely were "early stage, pre-revenue," though you

Sure, that's how it is now, but it definitely hasn't always been that way. The original public companies definitely were "early stage, pre-revenue," though you can argue that those were long enough ago to be irrelevant. Intel's IPO was 2 years after the company was formed.