The same thing that YC does…

https://medium.com/@Arakunrin/the-post-ipo-performance-of-y-...

You generally want to IPO (and fundraise in general) at the most favorable terms possible — not when there are market headwinds.

Not if you see the IPO as your only remaining exit strategy for a juggling act that is threatening to rain down on your head when it collapses

I always wanted to crunch the numbers but never got around to it, so I'm glad someone actually went and did it. YC company IPOs always smelled like pump-and-dump than a true liquidity/fundraising event, and if those numbers are correct, I was right. Or to put it another way, if someone asks "should I buy IPO shares in a YC company", the answer is "no".

Absolutely. What we’re seeing is a familiar pattern in tech: when things go well, the rewards are private, but when the risks build up—whether financial, regulatory, or technical—they get socialized onto the public. IPOs become a way to offload responsibility, recapitalize, and let early stakeholders cash out while passing long-term uncertainties to a broader set of investors and the market itself.