... still, "on average" IPOs tend to make money, no? that's why people (fight to be able) to buy them.

this gives a nice comfy exit to many late-stage investors, etc.

and, of course, it's hard to say that it's great that these companies are mere shadows of themselves post-IPO, but also it's impossible to non-misleadingly assess each IPO as if they were in a vacuum.

obviously Coinbase is/was a stupid venture, but at the same time it was a pretty good bet at the time. and the same stands for a lot of these.