It’s been nearly two years since the last major IPO of a venture-backed company, so in case you forgot what one looked like, Instacart’s big day had many familiar beats. The ringing of the bell. The debate about stock pops. Early investors taking victory laps on TV.
The celebration of the long-awaited listing obscured one fact. At the end of the day, Instacart really only took home about $100 million. We’ve seen Series B rounds for nascent generative AI startups as large as that. (Just yesterday, in fact.)
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