Here's Why Companies Are Staying Private For Longer

2024/12/20

Here's Why

People

Bailey Lipschultz

Mark Mandel

Stephen Carroll

Topics

Stephen Carroll: 本期节目讨论了科技公司选择长期保持私有化而不是过早上市的现象，并以Stripe、SpaceX和OpenAI等公司为例进行了分析。 John Collison: Stripe选择保持私有化是因为他们仍然有很多机会发展壮大，并且不想被季度业绩预期所束缚，认为上市更适合公司发展成熟阶段而不是扩张阶段。 Bailey Lipschultz: 美国上市公司数量减少了一半，这反映了公司更倾向于保持私有化的趋势，这在2000年代中期就开始了。公司选择保持私有化的原因包括更容易获得资金、避免激进投资者和媒体审查，以及降低上市成本。保持私有化允许公司继续为早期投资者和员工提供流动性，同时避免上市公司的各种麻烦。数万亿美元的资金被锁在私营公司中，上市与否取决于时机、估值和公司意愿。私营公司估值缺乏透明度，但投资者通常会根据自身的专业知识进行评估。近年来IPO数量减少的部分原因是公司更倾向于保持私有化，因为他们对上市后的估值不满意。对私营公司的投资受到监管限制，仅限于合格投资者，并且私营公司在财务报告方面有更大的灵活性。 Mark Mandel: 私营公司长期保持私有化是否是个问题取决于视角，关键在于早期投资者和员工能否变现。私营公司缺乏透明度和问责机制，公众也无法投资这些公司。 Stephen Carroll: 许多快速发展的公司，例如Stripe、SpaceX和OpenAI，都选择保持私有化，估值都非常高。 Bailey Lipschultz: 对于一些知名公司来说，保持私有化可能更有意义，因为上市的商业理由并不充分。上市公司不再像以前那样具有声望，一些公司选择保持私有化是因为他们已经获得了足够的资金和知名度。

Deep Dive

Key Insights

Why are many tech companies choosing to stay private longer?

They have easier access to capital, avoid activist investors, and save on the high costs of being public. Additionally, staying private allows them to provide liquidity to early investors and employees without the regulatory and reporting burdens of being public.

How much value is tied up in private companies that could potentially go public?

Private equity-owned companies alone hold about $2.9 trillion in value, with a similar amount on the venture capitalist side. This totals trillions of dollars in potential public listings.

What are the challenges in valuing private companies?

Valuations of private companies are opaque and based on investor confidence rather than real-time market data. Public companies are marked-to-market, but private valuations rely on investor checks and expectations, leading to debates about their reliability.

Are there regulatory concerns with highly valuable private companies?

Regulations require accredited investors to participate in private markets, protecting unsophisticated investors. However, private companies avoid the quarterly reporting and oversight required of public firms.

What are the potential downsides of companies staying private indefinitely?

If companies like SpaceX or OpenAI never go public, the lack of transparency and accountability could be an issue. Additionally, public investors may miss out on growth opportunities, as these companies could already be mature by the time they list.

Is being a public company still a badge of honor?

The prestige of being public is diminishing, especially for highly valued companies like OpenAI and SpaceX. For many, the primary benefit of going public is the branding event, but the practical reasons are less compelling.

Chapters

Many tech companies, including Stripe, SpaceX, and OpenAI, are choosing to stay private for longer, despite their substantial valuations. This trend is driven by various factors, and the decision to remain private is a strategic business choice rather than a sign of being unprepared for public markets.

Stripe, valued at $70 billion, is in no rush to go public.
SpaceX's valuation is around $350 billion.
OpenAI's valuation is $157 billion.

Shownotes Transcript

SpaceX recently cemented its status as the world's most valuable private startup, with a share sale that valued it at about $350 billion. Meanwhile, OpenAI's last fundraising round valued it at $157 billion. Despite huge interest from investors, these names are among many fast-growing companies which are opting not to list their shares on public markets. Bloomberg's Bailey Lipschultz, who covers how companies go public, joins host Stephen Carroll to discuss.

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