More billion-dollar startups are staying private for longer than ever before. From Elon Musk’s SpaceX to OpenAI and other unicorns, companies are avoiding the costs, scrutiny, and disclosure that come with going public. Experts Jonathan Foster, Gordon Phillips, and Sarah Keohane Williamson explain how abundant private capital, higher compliance costs, and control over valuation have reshaped the IPO landscape. The result: fewer public stocks for everyday investors and more power in private