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Anyone else surprised that with record valuations these companies aren't selling equity instead?

I think it could be because investors are worried their record valuations won't continue to grow - and are more interested in a guaranteed more conservative investment.

So what you're saying is "the reason companies don't sell equity at these huge valuations is because investors wouldn't buy" (or wouldn't buy in the necessary amounts)?

I wouldn't be surprised if that's part of the calculation at these companies... And attempted and failed equity sale surely would have a bad impact on stock price.

Google just did a follow on offering. I’m not sure of the numbers when comparing the 2 options but it seems like these companies are able to do either

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