Almost all of last year's tech IPOs went down.[1] Some, way down.

   Twitter:      -32%
   LinkedIn:     -44%
   Pure Storage: -28% 
   Square:        -4% 

With numbers like that, overpriced "unicorns" know they'd have to IPO at a huge discount from their exaggerated valuations.

This is a bubble, popping.

[1] http://www.renaissancecapital.com/news/tech-sector-sell-off-...