The landscape of initial public offerings (IPOs) is evolving as companies increasingly opt to remain private for longer periods. The IPO boom of 2020 highlighted gaps in due diligence and investor preparedness, raising questions about the viability of IPOs as an exit strategy moving forward. Experts suggest that the term 'IPO' may no longer accurately represent the reality of these offerings, as many late-stage companies have already secured substantial funding from institutional investors before going public. Current market conditions, characterized by higher interest rates and tighter lending, are complicating deal-making for private equity and venture capital, leading to resetting valuations. Notably, companies like Databricks and OpenAI have raised billions without pursuing public listings, indicating a shift towards 'private IPOs.' Analysts propose that encouraging earlier public offerings could enhance access to investment opportunities.