Lessin: Public and private markets have decoupled into separate valuation systems
Sam Lessin · Is Venture Capital Broken? | Sam Lessin on TBPN · Apr 26, 2025 · at 8:46
Slow Ventures partner Sam Lessin explains how the traditional pipeline from seed investment to public market listings has fractured into disconnected valuation regimes.
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“I actually think what we now have, Weirdly is effectively several markets for companies that are pretty decoupled from each other and kind of have their own logic and exist in their own vacuum. So like there is a public market, like the public market exists is the biggest, right? There is a private market now. There are companies that are private and will like probably never go public or never for various reasons. The way that companies are valued by the late stage private and the public market are actually just different.”
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