Startups have good reasons to spurn regular IPOs — they're costly and time-consuming.

Thanks to the massive amounts of money that have flowed into Silicon Valley in recent years, many companies are likely well positioned to go public a different way.

The avalanche of money that's piled into Silicon Valley lately may be starting to disrupt more than just the taxi business and commercial real estate — it might upend one of the most celebrated and time-honored traditions of tech startups: the IPO.

In a direct listing, a company's private shareholders sell some of their stakes more or less to investors at large on the open market.

Those companies certainly aren't alone in having a healthy surplus of funds.

Over the last five years, some $445 billion was invested in venture-backed deals, including a whopping $130.9 billion last year alone, a new record, PitchBook and the National Venture Capital Association said in a new report this week.

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