The IPO market is showing signs of recovery, yet startups are increasingly choosing to remain private for extended periods. Recent data indicates that the median age of companies going public has risen to 13 years, up from 10 years in 2018. This trend is largely influenced by the influx of alternative capital, which provides sufficient funding for startups to grow without the pressures of public markets. A study by Jay Ritter highlights that the average age of companies going public has more than doubled since 1980, with median revenues soaring from $16 million to $218 million by 2024. The rise of unicorns, now exceeding 1,200, underscores this shift. Analysts attribute this trend to the regulatory burdens and short-term pressures of public trading, while the growth of digital marketplaces for private shares offers liquidity options for employees. As private equity assets continue to grow, the landscape for startups is evolving, with implications for future returns in alternative investments.