Companies like Stripe and SpaceX grow huge without IPOs, using private and secondary markets instead.

Companies such as Stripe, SpaceX, and Databricks are scaling to massive valuations without going public, relying on private funding rounds and secondary markets for liquidity and valuation. Secondary market transactions reached a record $226 billion in 2025, enabling investors to buy and sell shares without an IPO. This trend reduces the incentive for companies to list publicly, as they can partially cash out every 12-24 months through private deals. The rise of these alternatives signals that traditional IPOs are no longer the only path for large-scale growth and liquidity in the startup world.