The trend of companies taking huge late stage rounds was always going to blow up the public tech IPO market. Many companies get too used to free money and operating with little inspection. By the time they feel like they "have to go public" the growth rate has peaked and they haven't learned to operate with any level of financial scrutiny. Result is private market investors do great and all too frequently public markets bomb in 6-12 months or sooner.
Yup! This has been the trend for the last 10 years. Facebook was probably the last well run company to go public, probably because it grew during the pre-Zirp era.
