The vast majority of public shareholders don't vote their shares. A VC is much more likely to apply unwanted pressure to the board/management than the general public is.

IMO, the best reason to avoid an IPO is to stay out of the media.

The VC likely already has ownership, and a board seat - public companies are susceptible to activist-investors and hostile bids: outsiders who hold little/no stake, but an outsized influence.

Neither of which would be relevant in the Stripe case, because if Stripe IPO's they'll release a negligible number of shares. It'd be impossible for either group to amass a substantial number of shares.

Why do an IPO at all, if they will release a "negligible number of shares"?

A low liquidity IPO would likely result in a massive share price increase: the number of interested buyers would vastly outnumber the number of shares available.

So what? If you’re selling a low amount of shares, you are still generating a low amount of input to the company.

If it neither needs money nor guidance, then why IPO? The owners already have enough of both.

Harder for activist investors to get into a private company than a public one imho. Keeps out those who would squeeze the business and bail, and potentially kick out the founders. With sufficient cashflow (which Stripe most certainly has), you can buy out existing investors without going public.

(not ex-Stripe, but own startup equity and have no problem with them never going public if that is the choice; optimize for the enterprise and existing stakeholders, not the public market mechanics broadly speaking)

You'd need to amass 50% of the shares to kick out the founders. That'd be impossible for a hostile party to do if Stripe IPO's because they wouldn't release anywhere close to that number of shares.

The only way to kick out the Collison's would be for the VC's to do it. They currently own 80%. It's easier for the VC's to do that if Stripe stays private than if Stripe IPO's.

How do you know if they do/don't have a dual-class share structure?