Growth capital has almost entirely dried up, and follow-on rounds are much, much harder. when you IPO, don’t really care what your losses were in the past. And the public markets didn’t really care. The public markets still expect you to ultimately grow 40% or more at $150m-$200m ARR (or more) when you IPO. And they don’t really care how you got there.

Source: Wall Street Journal October 07, 2022 22:18 UTC