Regarding the direct listing, I wouldn't view that as a negative - sounds like they had no need to raise additional capital, but wanted to provide liquidity to

Regarding the direct listing, I wouldn't view that as a negative - sounds like they had no need to raise additional capital, but wanted to provide liquidity to their investors and employees. They've raised a _lot_ privately, and some of those rounds IIRC were described as just "opportunistic" by the founder - i.e., raise money while it's cheap. Also given that they have a VC arm it sounds like they have more capital than they can actually deploy in their core business.