Shreya Murthy

In 2017,

This was a huge year for huge, large growth stage companies.

These Decacorns, you had Uber, Airbnb, DoorDash, Palantir, they were all well past the billion dollar revenue threshold, but there was still a lot of uncertainty about how the market would value these companies because they had

sort of new business models.

There were some questions about different margin profiles, how the market would price these.

There weren't direct comps to Uber and Airbnb already in the market.

Are you going to just trade Airbnb like it's a hotel chain?

Not really.

It's asset light.

So the market needs to digest that and confidentially filing was beneficial and it was encouraging to these companies to say, yeah, we'll go try the IPO thing because it's less burdensome.

Stripe should file confidentially for IPO, but then never actually go for it.

I think that's a Collison brother nightmare.

I think they wake up in cold sweats.

I took the company public.

What happened?

No, I know, but it would be kind of funny to like confidentially file, but then just let it just kind of sit there for another decade.

Troll.

Troll IPO.

So, the confidential filing rules were expanded again in 2025 under Trump II SEC staff to include other financial offerings.

So, new issuance of stock, other classes of securities, these things can be reviewed before going out in the market.