True, although even here there likely aren’t enough retail suckers to go around given the amount of initial investment folks need to cash in. Thats the challenge when you have so much crazy pre-IPO cash pumped in.

After you float you still need to sell all those shares at the valuations you want to exit. If they floated say 10% of shares to go public and the price tanks everyone else trying to exit loses their shirt so it’s not a magic exit for the early investors.

there arent enough retail investors in the world to buy this ipo

but they will get a lot of flow from sovereign wealth fund and pensions

you might wonder why anthropic spend time in australia, a country with less economy than canada and almost no industry at all? likely because it has very big pension fund pool to buy their ipo

Retail investors do just fine fleecing themselves on their own

The term fleecing means „there’s nothing left here, jump ship”. Do you really believe they’re going public to cash out this early in the game?