"Wall Street used to wait for startups to go public before investing in them. These days, however, entrepreneurs don’t need the public markets like they used to; private capital is plentiful. Uber has raised some $6 billion in equity and debt, and it hasn’t announced any plans to go public. “By the time you IPO as a company with a $60 billion market cap, you are really in the stratosphere,” [...] “The opportunity to invest has passed; the explosive growth is often behind them.” This market moves fast: When Airbnb raised money in April 2014, the company was valued at $10 billion; a year later, that valuation had more than doubled to $25 billion, when it raised another $1.5 billion. Included in the latest round were East Coast investors, most of whom would never have invested at such an early stage in the last tech boom..."
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