There’s some market/observer bias in these numbers; they hit four very different eras of VC and public markets perspectives on tech stocks. VCs in the Microsof

There’s some market/observer bias in these numbers; they hit four very different eras of VC and public markets perspectives on tech stocks. VCs in the Microsoft IPO era would proudly display a tombstone for a $50mm IPO raise. It was a very different time. Google was the first tech company to really test the bounds and power of Investment banks in the IPO process — they went with some sort of auction type mechanism (if I recall correctly), intended to keep bankers from making “too much” on the IPO, and were roundly snubbed by the sell side arms of those same bankers, resulting in a very low flotation. Which worked out fine for them. By the time Zuck IPOed, he had enough power and we had enough tech history that he was able to run a MAJOR IPO and retain complete control of the company. And, from a financial perspective, very well deserved. In each of these four eras, the perceived (and actual I guess) size of the addressable market for a tech company was roughly an order of magnitude larger than the prior, and combined with wealthier VCs from prior rounds, and more pattern recognition about business models, we see more of the value being captured early, out of the public markets.