[toomuchtodo]

Why is it irrational to stay private? Going public constrains you with oversight and public shareholder demands.

If you can get access to capital without public shareholders, you absolutely should.

[Judgmentality]

It seems like the only rational reasons to IPO are out of necessity (you need to raise the money, your employees will quit without liquidation, etcetera), or short-term greed. What other reason would you want to be public?