There is roughly three trillion dollars sitting in the venture market and one hundred twenty seven trillion in the public markets. Almost none of the public side is growing fast enough to absorb what venture is trying to hand it. @aramverdi , partner at @AccoladePrtnrs and former investor at Andreessen Horowitz, on why the public markets are starving for the companies venture is holding onto. "Above 10 times EV to next 12 months revenue, six companies." "If I think about a Databricks or Anthropic and their growth rates, if they were to go public, like those growth rates in SaaS don't exist today in the public market. So they would trade at a premium." Two years ago dozens of public software companies traded above that multiple. Now there are barely more than a dozen, mostly names the market has decided are real AI winners. That scarcity is exactly why the biggest private companies are staying private. Nobody public is growing fast enough to make them look expensive by comparison. Growth used to be common. Now it is the whole trade.