The companies we now refer to as “unicorns” — private tech companies valued above $1bn — might seem downright ordinary in the future.

Some of this year’s biggest initial public offerings have been from those so-called unicorns, which actually didn’t end up raising that much cash in their offerings. Lyft netted just $2.4bn of cash in its $20bn IPO. Uber raised $8.4bn from its public-market valuation of $82bn.