"The founder is the asset class... The IPO is another financing event." a16z's David George and Santiago Rodriguez on why the biggest companies are staying private: Santiago: "If you look at the top six companies today, Anthropic, OpenAI, Databricks, Stripe, Waymo, and Revolut, by last round valuation, they add up to about $2.4 trillion." "This is more than the combined market cap of IPOs we've seen in the last 10 years, excluding SpaceX, which adds up to $1.7 trillion." David: "Especially…

a16z@a16z3h ago

Five private companies are worth more than every tech IPO from 2015 to 2025 combined More charts in State of Markets II: https://www.a16z.news/p/state-of-markets-ii https://x.com/a16z/status/2105428735260529143/photo/1