[m12k]

The investors (Sequoia being the big one) will want to cash out at some point, and then it's either an IPO or an exit. The most likely buyers in an exit-scenario would be platform owners like Apple, Google or Microsoft, which would be terrible for Unity's viability as a cross-platform tool (or at least look that way - just see the reactions that came after Microsoft bought GitHub). Or they get bought by Epic/Tencent, and the market becomes a monopoly, which is pretty damn bad as well. So under the circumstances I think an IPO is by far the lesser evil, even though I do share your concerns about the shortsightedness of public investors (though I'd argue that's a general problem and not a problem with Unity specifically)

[lazerwalker]

I'd be curious to hear your characterization of the reactions to MS buying GitHub.

My observation was a bunch of people in places like the HN comments being angry, but no meaningful mass protest, or exodus from GitHub to competitors, etc.

[jayd16]

Seems like Microsoft would be the obvious choice. They just bought Xamarin, they're finally in a good spot with regards to C#'s growing cross platform viability and they're actually a game publisher.

I don't really know why MS would bother unless not doing so would risk a Unity collapse and a loss of a lot of C# development.

[Impossible]

Many of Microsoft Window Mixed Reality\Hololens apps are made in Unity also, so it makes sense there.