It’s a tectonic shift: In three of the past six years, more tech companies (by total value) have fled the public markets—Sayonara, hectoring activist investors! Death to the tyranny of quarterly numbers! Begone, SEC reports!—than have gone public, according to M&A advisory firm Bulger Partners. Think about that. Till recently, the only thing more certain than a Ping-Pong table in a Silicon Valley office was the dream of cashing out in an IPO. Now? The shaky markets and pressures of being public have changed the equation.