To me, an IPO by them at this moment let me think that they know that they are on top of the wave and that it is better to cash-in before growth starts to stale.
They got a huge influx of users when image editing AI started to be a thing, I'm not quite sure that they haven't already conquered most of new users that could join them.
Could be. It also could be that they feel comfortable raising money in the public markets for expansion, and to reward/retain their organization. We don’t really know if they tried doing a databricks or a stripe and raise billions in the private market, maybe they did, maybe they found there’s more upside in an IPO…
They got a huge influx of users when image editing AI started to be a thing, I'm not quite sure that they haven't already conquered most of new users that could join them.