[arb-spreads]

This is an unsurprisingly terrible article.

If anything, venture capital is more responsible for a lack of IPOs. At one point, there were over a thousand unicorns that had no reason to go public. Multiple series of fundraising rounds between venture capital and growth equity firms have enabled companies like Bytedance, SpaceX, and Stripe to grow into companies worth hundreds of billions of dollars with minimal pressure to go public.

Additionally, excessive regulation has seriously hampered IPOs. Expensive disclosures - for both investors and companies - makes being private far more compelling. Not to mention the fact that many private companies are sketchy and overvalued. Public markets incentivize market participates to root out fraud in order to more accurately value businesses.

Deep capital markets are one of the many strengths of the United States. To enable individual investors to invest in the next Apple, Microsoft, or Nvidia, the onus is on petty government bureaucrats to make it 10x easier to go public. Over the last few decades, it has instead become 10x more difficult and expensive.