Staying private longer in the face of capital markets skeptical of money losing businesses isn't much of an option. Eventually, in order for the private investors to make money, they either need to get profitable or go public. AirBnB is a poor example of staying private longer in these circumstances because they are profitable. [0]
[0] https://www.cnbc.com/2019/01/15/airbnb-sustains-profit-as-it...