I think you trivialize a very important point, namely that the IPO is a big deal for pretty much everyone (as its used as a recruiting tool for employees and as an exit proposition for VC firms), especially to Zuckerberg (who invariably spun stories of potential exits as part of the process).

I think we can agree on the two facts, namely:

- the firm probably doesnt need the cash

- the members of the firm and investors do want the exit provided by an IPO