It's a little hard to say for sure because companies can stay private longer and in some cases don't need to go public at all, but it seems that the last wave of huge successes were founded pre-2015 and since then the industry has been looking for the next wave, first with crypto, now with AI, and there are some tentative pushes into manufacturing/defense.AI actually seems like a great fit for the VC business model, much more so than most SaaS companies are. Successes are likely to make a ton of money and they can't self finance or finance with debt because they need to spend a huge amount of money.
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