In recent weeks, Lyft has hired J.P. Morgan, Credit Suisse and Jefferies to lead its IPO and bankers are circling Uber, wooing them with predictions of a $120B market valuation—nearly twice its current private market price. Palantir, Postmates, and even eventually Pax, are contemplating IPOs too, several outlets, including WSJ, Reuters and The Information have reported.

With all these names, it’s tempting to feel like the tech IPO flood is coming. There are times I feel it too. Then I pick up the phone and talk to late-stage tech companies and realize many remain reluctant to go public.