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The private market is getting out of hand, then. I think it makes sense for private companies beyond a certain size to have the same reporting requirements that listed ones do. At these valuations the private market for startups is becoming systemically important.

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To some degree, they do -- under SEC rules (Exchange Act §12(g)), private companies with >$10M in assets and 2,000+ shareholders (or 500+ non-accredited investors) have to start public-style reporting. I assume there's some clever accounting to ensure they're not at the 2,000 shareholder cap (perhaps double-trigger RSUs don't count as being a shareholder yet?)

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