The article discusses the current state of IPOs, highlighting why companies like PagerDuty chose to go public early, primarily for employee liquidity and customer trust. It emphasizes that an IPO serves as a credibility boost for firms selling mission-critical software, allowing them to provide reassurance to potential buyers about their longevity and stability. It also clarifies that companies don't need to have all the answers before going public, as many IPO-related tasks are one-time activities.