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The United States’ $1 trillion startup liquidity gap needs to be filled soon

There's a mountain of money frozen in startups, and with pressure ticking higher for it to melt and become liquid cash, something is bound to break.

The figure underscores how weak the exit climate has been over the last two years, and highlights the sheer mass of illiquid equity investments made into startups that call the United States home. Of course, not every startup that raised a “venture growth” round is still worth what it once was, and many unicorns that have held off on formally repricing themselves after 2021 could fit that bill. This morning let’s dig into where we can find the most locked value in Startup Land, and just how long it might take for venture-backed tech companies that have already reached the end of their private tenures to go public.

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