Bankers are busy. IPO lawyers are hard to reach. It’s go time again for Silicon Valley IPOs. 

Arm, Instacart and Klaviyo are preparing their offerings, with filings from the last two expected tomorrow. Beauty company Oddity and restaurant brand Cava have gone out and are trading above their IPO prices. Companies are hiring chief financial officers who can take them public. And venture capitalists are excited that the market is open again.  

But there’s one problem. Many founders still aren’t convinced it is a good time to go.