Power law in action. The top 10 companies hold 61% of all value. The top 50 hold 82%. The bottom 250 combined? Just $365B — less than Palantir alone.

IPOs create almost all the value. 252 IPOs generated 86% of total value ($9.0T). Average IPO exit: $35.6B. Average acquisition: $3.7B — nearly 10x less.

A decade in the making. The median company took 10 years from founding to exit. Only 22 companies exited in under 3 years — including WhatsApp (5yr) and YouTube (1yr).