In today's world, yes.
But in the past, rules & regulations basically forced companies to IPO at a certain size. This meant that when they IPO'd, there was still growth upside.
Those rules are gone now, so they can stay private and have all the growth happen privately. When they IPO now, it's more just an exit. The growth was captured by insiders only.
There weren't any size caps on IPOs and no regulation can tell a company what multiples to IPO at, that's just false information
If it was really "just an exit", people wouldn't buy the IPO and it would flop
Of course people believe there is room for more growth, that's why they are buying it
Even in this thread you can see people (not me) arguing that the IPO is too cheap and it's easily worth 3 trillion $ like numbers mean nothing
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