Today perhaps. Pre-IPO stock from 1980 to roughly 2008 was always a huge multiple over BigCorp stock. That largely evaporated in the Unicorn bubble AFAICT. I s

Today perhaps. Pre-IPO stock from 1980 to roughly 2008 was always a huge multiple over BigCorp stock. That largely evaporated in the Unicorn bubble AFAICT. I suspect because pulling the value out pre-IPO was a better deal for investors. Even today restricted stock grants (RSUs) serve the same purpose and act as a multiplier on compensation which is "better" if the company does better and "worse" if the company loses out to competition.