After you float you still need to sell all those shares at the valuations you want to exit. If they floated say 10% of shares to go public and the price tanks everyone else trying to exit loses their shirt so it’s not a magic exit for the early investors.
Lot of retail is in various funds. So those doing active management to scale of this is questionable. And then you most likely also have downward pressure for those that try to bet against these IPOs...
My boomer mom is the kind of person who just heard about AI and would get IPO fomo
but they will get a lot of flow from sovereign wealth fund and pensions
you might wonder why anthropic spend time in australia, a country with less economy than canada and almost no industry at all? likely because it has very big pension fund pool to buy their ipo
The term fleecing means „there’s nothing left here, jump ship”. Do you really believe they’re going public to cash out this early in the game?