Contrary to the prevailing wisdom of staying private as long as possible, VC Keith Rabois counsels his portfolio companies to pursue an IPO once they hit ~$50 million in predictable revenue. He believes the benefits of being public outweigh the costs much earlier than most founders think.

BitGo's public offering was a strategic move to build transparency and trust, making it easier for large, traditional financial institutions to perform due diligence. This positions BitGo to capture a total addressable market that recently doubled due to favorable regulatory changes.

For a company operating at Anduril's level in national security, going public is not just about liquidity. It's about pedigree. Being a public company affords an additional, unspoken level of trust and legitimacy within the defense apparatus that is nearly impossible for a private company to achieve.

While many private founders fear going public, David George of a16z claims he's never met a public CEO who regrets it. Key benefits include easier and often cheaper access to capital compared to private markets, increased transparency, and the discipline it instills. The narrative of public market misery is overblown for most successful companies.

Beyond capital access, being a public company offers constant, free marketing. The visibility from quarterly earnings reports, analyst coverage, and media attention can attract acquisition targets, investors, and top talent who might not otherwise have been aware of the company.

Contrary to the trend of staying private, Navan's IPO was partly a go-to-market strategy. Large corporate customers demand the financial transparency and long-term stability that being a public company provides. This credibility was crucial for unlocking the enterprise segment and winning major accounts.

Netscope's CEO revealed their IPO was a strategic move for market awareness and credibility, not a necessity for fundraising. As a private company competing against public giants, the IPO provided the visibility needed to get into deals and win proof-of-concept trials, highlighting the IPO's role as a powerful marketing tool.

Despite private capital availability, the scrutiny of being a public company imposes healthy discipline. It forces better prioritization and maturity, which is ultimately beneficial for long-term growth and provides access to the world's deepest capital pools.

Contrary to popular belief, an IPO should not be viewed as a liquidity event. Instead, its primary value is in marketing and branding. It signals to the market, customers, and potential employees that the company is stable and "here to stay." The actual liquidity is often constrained by lockups and regulations.