美国的“明星独角兽”：私募规模更大，为何还要IPO？

Group 1 - The core point of the articles highlights that private financing activities for large U.S. startups are significantly more active than IPOs this year, with 21 private financing deals exceeding $1 billion totaling $108 billion compared to only 10 IPOs raising $13.3 billion [1] - The trend is driven by the demand for growth funding in the private market, where investors are willing to finance companies before they become profitable, reducing the urgency for these companies to go public [2] - Despite the current preference for remaining private, it is widely believed that these high-valued private companies will eventually pursue IPOs to maximize their value at the peak of their development [2] Group 2 - The performance of large IPOs this year has been mixed, with an average return rate of 40%, outperforming the S&P 500 index, yet 4 out of 10 companies have seen their stock prices fall below the issue price [3] - The overall strong performance is primarily driven by a few companies, such as stablecoin issuer Circle and CoreWeave [3]