Why are you surprised? Most startups are built to either go IPO or exit through a buy out. Considering many startups (including Instagram) do not even come up w

Why are you surprised? Most startups are built to either go IPO or exit through a buy out. Considering many startups (including Instagram) do not even come up with a profitable business model, it excludes IPO and therefore only leaves an exit as a way for investors to recoup their investment.