Many late-stage private companies will be forced to undergo down-round IPOs as public market valuations for growth companies continue to revert to historical means.

“they're gonna have to go public at evaluation lower than what the last private round was so all of these late stage private investors who assumed that they would always make money investing in a company in the last private round before it went public they they thought that was sort of an automatic g”

Late-stage private financing markets are currently closed because there is a standoff where sellers have not yet accepted that a new regime of lower valuation multiples exists.

“broadly speaking the late stage private financing market inventure is closed”