The Biggest Consequence Of An AI IPO Isn’t The IPO Itself. It’s What Happens Afterward.

A wave of major AI IPOs could return significant liquidity to limited partners, fueling a new venture fundraising cycle rather than simply affecting public-market valuations. That capital is likely to flow disproportionately to the largest, established VC firms, writes guest author Andrew Gershfeld of Flint Capital, creating a concentration flywheel that could reshape fundraising, startup financing and power across the venture ecosystem.