It’s been nearly two years since the last major IPO of a venture-backed company, so in case you forgot what one looked like, Instacart’s big day had many familiar beats. The ringing the bell. The stock market bubble debate. Early investors celebrating their victories on television.
The excitement of the long-awaited listing hid a fact. Instacart’s final revenue was only about $100million. We’ve seen Series B rounds for nascent generative AI startups as large as that. Just yesterday, to be exact.