Kevin Paffrath argues that companies choose to go public primarily to generate cash for early investors and insiders.

“Why take all that garbage public? Cuz they want to make money. It's a cash out, homie. Why do they go public public to get their money to get a bag, bro? And then to dump it on the retail people”

Companies are delaying IPOs because the private markets have become deeper and more liquid, reducing the immediate need for public stock.

“I think the biggest thing is the private capital markets are deeper and more liquid than before. So there's less of a need for a company to go public until they need much much much more capital.”