some interesting “down exits” that turned around in a big way after an initial public market debut:

$MDB IPO’d at $1.2B which was done from a $1.6B private valuation — today, they’re at $22B just a few years later

$SQ IPO’d at $2.9B down from a $6B private valuation — today $96B!

I’m not suggesting these are indicative of the norm or a trend, but rather that the pace at which company narratives can change are dramatic. Winners may not always look like winners, but things can turn around quickly.