I think the 2010s model of “just build it to be acquired by the industry giant” was a mistake, and is officially dead. You can’t expect to sell to the giants anymore, because they can’t expect to be allowed to buy everything that could grow to be a threat. It’s time to come up with a new model (maybe even a return to the 1990s model of small IPOs and mini-consolidation into a crop of strong mid-tier players, rather than giants).