Odd Lots A16Z's David George on How Private and Public Markets Fused Into One
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Feb 20, 2026 
David George, general partner and head of the Growth Fund at Andreessen Horowitz, explains how private markets grew deeper and more liquid. He contrasts private vs public paths for big tech and why firms delay IPOs. He also talks about employee liquidity alternatives, valuation trade-offs, and how AI’s capital needs could reshape when companies go public.
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Liquidity Makes Staying Private Viable
- Private capital is deeper and more liquid, letting founders access needed funding without public windows.
- Founders can run tender offers and reduce employee volatility, making staying private attractive.
Delay IPOs Until Scale Justifies Costs
- Expect higher fixed costs and less investor attention if you go public as a small-cap company.
- Delay IPOs until scale justifies audit, compliance costs, and to attract meaningful institutional coverage.
Tenders Substitute For Public RSU Liquidity
- Public RSUs provide predictable, liquid compensation every quarter that private companies must match via tenders.
- Tender offers (e.g., SpaceX twice-yearly) substitute for public liquidity and help retain employees.