Maybe in 2022. 2023 had 25% of the VC deal volume that 2022 did and 2024 ain’t looking any better.

The age of cheap capital has finished. Unless you’re already healthy or can demonstrate a reasonable path to profitability, later-stage VC is actually really hard to find right now. Angel capital still abounds for people with good track record.

But it’s a tough environment for Reddit to do an IPO in and they probably know it. But they have no other option - they can’t continue into series H, J, Z. Those days are gone.