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I believe this is the proof why VCs chase those 10x numbers, I bet that that single investment has paid off all their failed investments and then some.

Most likely this single investment made their fund.

If they wanted to realize those gains, they would have to sell right? causing the price to plummet?

Yes. As far as I can tell those two firms hold 21% of the stock.

But that's true of pretty much any IPO. All the biggest winners are winners mostly on paper, they can't really dump it all on day one.

My understanding is that there are firms that specialize in buying up assets from VCs that need to close out their funds, so things like this or private companies that they've held for 10+ years already, stuff like that.

There are probably ways to sell all the shares from one entity to another all at once that won't tank the shares, but I'm not totally sure.

Mental numbers.