Very little. This is a result of the private equity market growing so large that companies can put off going public for very long (Coinbase raised $800 million and the last round was "Series E").
10-15 years ago, it was much more difficult for companies to raise this much before going public, which forced companies to go public much earlier, before all upside was realized by private investors.
The result is private equity and VC funds benefit from the early gains, and by the time the company becomes public (and is accessible to retail investors) there's typically not much of a lucrative near-term upside opportunity.
The same thing will happen with Stripe once they finally IPO. They'll debut at an insane valuation, and there won't be much upside opportunity for retail investors to benefit from. Because if there were, they would be able to more easily raise the capital from private investors rather than the public market.
This may be starting to shift as companies are getting much higher valuations on the public markets than they are from VCs.
Coinbase is getting a 10x valuation from public markets compared to what they got from private markets just two years ago. In theory, they've left a lot of money on the table by waiting so long to go public and raising from VCs instead.
(The price is dropping, so who knows if this will be true for very long.)
10-15 years ago, it was much more difficult for companies to raise this much before going public, which forced companies to go public much earlier, before all upside was realized by private investors.
The result is private equity and VC funds benefit from the early gains, and by the time the company becomes public (and is accessible to retail investors) there's typically not much of a lucrative near-term upside opportunity.
The same thing will happen with Stripe once they finally IPO. They'll debut at an insane valuation, and there won't be much upside opportunity for retail investors to benefit from. Because if there were, they would be able to more easily raise the capital from private investors rather than the public market.