The San Francisco-based company is still in a hyper-growth stage, Jordan said in an interview on Thursday. Next year is probably too optimistic because management hasn’t prepared for a market debut and more time is needed to resolve regulatory hurdles, he said.

“The growth rate says it’s still early,” Jordan said on the sidelines of the Tech in Asia Tokyo conference, without giving a specific timeline for a debut. “You don’t just magically go public. There’s work to be done behind the scenes.”

Fears are growing that the technology IPO pipeline is backing up. As a result, there’s speculation that large, privately held startups such as Airbnb and Snapchat Inc. will head to the public markets as soon as next year. The current tech boom has been unique because of the lack of IPOs, and has fueled skepticism that some valuations won’t stand up to public scrutiny.

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