Any organization that's forced to pursue endless growth is going to end up enshittifying eventually, because there's only so much innovation and wow factor that you can do to make a product appealing before you hit a talent/demographic/creativity limit. Not to mention that infrastructure and operating costs are massive when you hit that level of scaling and that needs to be funded somehow. Eventually they'll be forced to start extracting more value out of their existing userbase to keep the revenue growth going. Going IPO is mostly just a telegraph for how things are going behind the scenes.