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I don't think a company should be raising funding at this level because it implies that at some eventual IPO the market cap will be $750B or more--no private investors are going in looking for less than 5x return. Honestly any valuation over, say, $50B should be in the public markets.

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Do you believe public markets create better value for society than private ones?

retail investors may be not as efficient as private professional investors, but public markets allow retail investors to participate in wealth creation.

It will IPO once the “accredited investor” class have an inkling that the company has ~2 years of good growth left so they can make it past the lockup period and ride off into the sunset. Rinse and repeat. There is so much private capital out there, the only reason to go public is because retail investor folks lack the means for proper diligence & restitution.

funding -> IPO is relatively short term gain, where private investors indeed have significant advantage.

But there is also long term gain: 10-100y after IPO stocks in your 401k like google, facebook, tesla, microsoft, ibm, etc.

For a company like OpenAI I do. Especially in regards to the greater scrutiny.

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