I don't disagree with most of what you said. I disagree that there is private finance waiting. There may be, but that's not certain. Rates have gone up. Even before that, these companies were finding it increasingly difficult to raise money.

You said it's like musical chairs. It's more like hot potato. Who's going to be left holding the bag? If they can't raise enough in an IPO, then private investors are left holding the bag. Whereas for alot of private investors, the IPO means they can sell off their investment. Now they might not be able to. Which makes them more cautious about investing more. Which makes raising money harder. Which makes bills hard to pay. Which pops the bubble.