True, but we are having a lot less IPOs lately: We see companies with valuations well in the billions, venture backed, that aren't IPOing. We are seeing non-public companies writing contracts with dual-trigger RSUs because options have become completely worthless.

So while it's still possible to raise capital by printing stock, this is happening less and less lately.

My impression is that these days an IPO is for the founder and VCs to cash in and bail the ship.

Well, you are right that capital has had net outflow

http://www.theatlantic.com/politics/archive/2015/02/kill-sto...