But your argument can easily be used against Facebook. When you're IPOing at that late of a stage, all the gains have already gone to the private market investors. Facebook will have to come with drastic new revenue models to justify its valuation, and very few companies have reached a $100 billion valuation, let alone grown from there. And again, even if it does continue to grow financially, most of the gains have already been made. There are VCs who have made this point to lower Sarbox requirements so companies can go public earlier. I believe Ben Horowitz made a blog post on the topic, but I could not quickly find the link.