What you may not realize is that in a qualified ipo the prefs go away. It's basically the one time when prefs turn irrelevant. (there are still other shenanigans like ratchet to min price sometimes).

In practice the qualifier on the ipo means the prefs only vanish on a big (well above the pref stack) ipo number. But still an ipo is at the moment it's done on paper much better for common holders.