The venture capital landscape has shifted dramatically since 2021, leaving many startups, particularly unicorns, in a precarious position. Currently, 517 private companies valued at over $1 billion have not secured funding since 2021, as the once-abundant capital has dried up. In 2021, only 10 out of 354 venture capital-backed firms valued over $1 billion successfully went public through IPOs or SPACs. This has led to a rise in 'down rounds,' with approximately 20% of valuations experiencing declines over the past two years, compared to 10% between 2019 and mid-2022. Additionally, venture capital and private equity investors raised 24% less for their funds in 2024 compared to the previous year, with funds that closed in 2024 remaining open for an average of 21.9 months, marking a record duration. The current environment has prompted some experts to suggest that founders should consider taking their companies public at their current valuations to secure liquidity amid challenging market conditions.