{"id":55697,"date":"2025-01-16T03:33:03","date_gmt":"2025-01-16T03:33:03","guid":{"rendered":"https:\/\/innodebt.com\/?p=55697"},"modified":"2025-01-16T03:33:04","modified_gmt":"2025-01-16T03:33:04","slug":"goldman-sachs-chief-david-solomon-questions-start-ups-need-to-list","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=55697","title":{"rendered":"Goldman Sachs chief David Solomon questions start-ups\u2019 need to list"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=4f20fbb9-a10f-4a08-9a13-efa1b55dd38a\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Goldman Sachs chief David Solomon has warned private companies to take \u201cgreat caution\u201d before deciding to go public, adding that the depth of capital in private markets has removed the need for many to list at all.<\/p>\n<p>\u201cToday you can get capital privately, at scale\u2009.\u2009.\u2009.\u2009you can also get liquidity in the private markets. So the reasons to go public, when you really reach an incredible scale, are getting pushed out,\u201d said Solomon at the Cisco AI Summit in Palo Alto.<\/p>\n<p>\u201cIf you are running a company that\u2019s working and it\u2019s growing, if you take it public, it will force you to change the way to run it and you really should do that with great caution,\u201d he added.<\/p>\n<p>Goldman\u2019s role as a trusted IPO partner has been at the core of its business for years, but that market has slowed since 2021 in response to rising interest rates. The bank is increasingly supplying its services to very large private tech companies that have pushed off public offerings.<\/p>\n<p>Goldman helped Stripe raise $6.5bn in 2023, enabling the payments company to remain private for longer. Solomon said such deals were part of \u201ca more fundamental, long-term secular trend\u201d of shrinking numbers of public companies.<\/p>\n<p>The largest start-ups, including Stripe, artificial intelligence group OpenAI and Elon Musk\u2019s space exploration company SpaceX, have held off from listing despite swelling valuations in the tens and even hundreds of billions of dollars.<\/p>\n<p>They have found increasingly deep wells of capital, tapping venture capital behemoths such as Josh Kushner\u2019s Thrive Capital and sovereign wealth funds in the Middle East and elsewhere. They have also found ways for employees to cash out their stock in the secondary market.<\/p>\n<p>In doing so, they have minted a new type of private \u201cstart-up\u201d, with the scale and sophistication of a public company but lacking the scrutiny and reporting obligations that come with life on the public markets.<\/p>\n<p>\u201cIt\u2019s not fun being a public company,\u201d said Solomon. \u201cWho would want to be a public company?\u201d<\/p>\n<p>But given the growing importance of private capital, he added: \u201cYou have got to ask questions around why we have different standards when you have the same people buying things publicly and privately.\u201d<\/p>\n<p>Solomon, Goldman\u2019s chief since 2018, also spoke about the impact AI would have on his company\u2019s businesses and those of his clients.<\/p>\n<p>The bank now has 11,000 engineers among its 46,000 employees, according to Solomon, and is using AI to help draft public filing documents.<\/p>\n<p>The work of drafting an S1 \u2014 the initial registration prospectus for an IPO \u2014 might have taken a six-person team two weeks to complete, but it can now be 95 per cent done by AI in minutes, said Solomon.<\/p>\n<p>\u201cThe last 5 per cent now matters because the rest is now a commodity,\u201d he said.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/4f20fbb9-a10f-4a08-9a13-efa1b55dd38a\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Goldman Sachs chief David Solomon has warned private companies to take \u201cgreat caution\u201d before deciding to go public, adding that the depth of capital in private markets has removed the need for many to list [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-55697","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Goldman Sachs chief David Solomon questions start-ups\u2019 need to list | Innodebt<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly 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