It appears there's only room for 11 or 12 big IPOs per year. If the current trend holds and late-stage investors are creating more private unicorns than the pub

It appears there's only room for 11 or 12 big IPOs per year. If the current trend holds and late-stage investors are creating more private unicorns than the public can bear, we have a problem. The fallout from this mismatch wouldn't look like a tanking stock market. Just a lot of formerly impressive companies quietly being acquired for a relative firesale. I suspect Box and Square are both in this situation.