I don’t think they do. The $500M Goldman just gave them was their IPO, just without any of the public regulation hassle.
gbattle sez (from my comments here):
Actually, Goldman can’t lose in this scenario because the special purpose vehicle used for their high networth clients to invest in Facebook actually harkens back to the late 90’s internet IPO market, where investment banks rewarded their best clients with a taste of the IPO selectively. Effectively, this is a synthetic IPO. These perks are precisely what Google fought against with the auction model - fair distribution of IPO shares at the opening price. These non-dollar (but very profitable) perks are an endemic in an industry built upon quid pro quo meets reciprocity … Facebook is small potatoes to Goldman. Any Facebook position they take will be immediately sold at profit to their best clients. What better, more trusted way is there to satisfy the insatiable institutional demand for a pre-IPO name?