[tonnesoffun]

Yes definitely. Increased regulatory requests means it takes longer and costs more to go public.

The Emerging Growth Company Act (EGC) helps this somewhat: companies with < $1b in revenue have less reporting requirements if they file to go public. Most VC-backed companies that do an IPO will leverage this.

Clearly, the benefit of staying private (and still being able to raise $100M+ rounds) outweighs the consequences of illiquidity for employees....at least in the eyes of the founders and management.