This chapter discusses the current state of IPOs and the potential opening of the IPO window, highlighting companies like SoftBank-owned Arm, Instacart, Stripe, Clavio, Shark Ninja, and Surf Air that are either going public or considering it. It explores the complexities of investing in unicorns and the challenges of excessive valuations and complex cap charts. The chapter also touches upon the process of going public and its impact on resolving financial complications within a company.