To me it makes sense that post-IPO market cap would be lower than private valuation. Investors in public companies are well known for having short-term interest: "we want growth in every metric, and we want it next quarter." Anyone who has worked for a public company has felt this pressure.

VC, PE, etc. arguably incorporate more information about potential future (2 year, 3 year, 10 year) growth than public investors.

Maybe we should stop comparing the two valuations so equally?