That companies now reach near-trillion-dollar valuations before entering the public markets raises questions about access and participation. Our answers to these questions will determine how millions of Americans invest for decades, writes Tom Callahan https://on.wsj.com/4dbjb5F

That companies now reach near-trillion-dollar valuations before entering the public markets raises questions about access and participation. Our answers to these questions will determine how millions of Americans invest for decades, writes Tom Callahan
on.wsj.com/4dbjb5F

— Wall Street Journal Opinion (@WSJopinion) Apr 28, 2026