We're finally going to get a Big Data IPO, with Hortonworks filing its S-1 this month. Yet I'm not hearing much cheering from the people who have the most to gain in the short term: venture capitalists. In fact, over the course of the last two weeks, I've talked with a number of VCs and each of them has expressed the same concern:Hortonworks filed to go public way too early.Given its still shaky financials, the risk isn't merely that Hortonworks will struggle as a public company.

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