Public markets are effectively closed below $1 billion ARR, while CROs are negotiating unprecedented liquidity provisions including annual 20% tender-offer rights.

Public markets are essentially closed to companies with $200-300 million in ARR, and even $1 billion in ARR may not be sufficient for a successful IPO.

“Public markets are basically dead. You can't go out with 200 300 million in AR now for sure. Even a billion is that even interesting.”