> It's less clear to me why a valuation of over $1B matters to a private company though.
> hence public valuation would matter
There is your answer. IPO valuations have to come from somewhere, and the most recent private valuation is usually a good starting point for what investors will pay.
> hence public valuation would matter
There is your answer. IPO valuations have to come from somewhere, and the most recent private valuation is usually a good starting point for what investors will pay.