[neelm]

Yes that is true. You're exposing an assumption of mine which is that many of these companies will not necessarily IPO.

However even when they do, they will be a lot more operating history and financial information than what companies typically had in 2000. This is why you're seeing some recent tech IPOs that went public at a valuation lower than their last private round. An example of this is Hortonworks.

[myth_buster]

I hope this becomes the norm but I'm a bit wary as IPO conversion provisions [0] may come into play.

[0] https://www.fenwick.com/publications/pages/the-terms-behind-...