Saastr · 9 October 2026 · Operating Insight

It Takes 12 Years to IPO. Then Another 2-3 for Your VCs to Get Liquid. And Founders Can Generally Only Sell About ~4% a Year.

Jason Lemkin, GP @ SaaStr

IPOs take 11-13 years from first check to meaningful VC liquidity, with founders selling only ~4% annually post-lock-up. The IPO path must deliver 2–3x a strong M&A offer to justify the wait, dilution, and risk versus a faster cash exit.

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Topics: Venture Capital & Startups

Published by Saastr · their site ↗

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