General Catalyst, a powerhouse venture firm, is considering an initial public offering (IPO), according to a report by Axios on Friday morning, citing "multiple sources." This news has sent ripples through the tech industry, with many wondering what this could mean for the future of venture capital.

TechCrunch has reached out to General Catalyst's managing partner, Hemant Taneja, for comment, but so far, there has been no official response. However, those familiar with General Catalyst's trajectory won't be surprised by the prospect of an IPO. Founded 25 years ago as a small Cambridge, Mass.-based venture firm, General Catalyst started with $73 million in capital commitments.

A decade later, armed with ballooning assets and pre-IPO stakes in software companies like Demandware and Brightcove, Taneja and then-partner Neil Sequeira set up shop in a charming yellow building with white trim on University Avenue in Palo Alto. There, General Catalyst quickly made its mark in the Bay Area, cutting software deals reminiscent of its East Coast successes while also forging deep ties with Y Combinator that paid off. In 2011, the firm secured a stake in Airbnb. In 2012, it committed to backing every Y Combinator startup sight unseen.

That same year, in July 2012, General Catalyst led the Series B round for Stripe — now Y Combinator's most successful alum by valuation, even as the fintech giant maintains it has "no immediate plans" to go public. Meanwhile, General Catalyst itself has grown exponentially. Though Sequeira left in 2015 to start his own shop, General Catalyst today has a sprawling team with 20 managing directors, over $30 billion in assets, and offices from San Francisco to Bengaluru.

As we noted in October after talking with Taneja for a podcast, the firm is almost unrecognizable from its former self. Among other moves, it has launched financing products, rolled out a wealth management business, is in the process of acquiring a small healthcare system in Ohio, and purchased two smaller venture firms. General Catalyst's expansion beyond traditional venture investing has been remarkable, and its potential IPO could have significant implications for the industry.

A question Axios asks — and it's a good one — is whether General Catalyst will be the very first venture firm to go public. It's not only a question of whether the firm decides to move forward, but whether the mere talk of an offering speeds up the plans of other heavyweight firms like Andreessen Horowitz, which seem to have their eyes on the same prize. The potential for General Catalyst to pave the way for other venture firms to follow suit is significant, and its impact on the industry could be substantial.

The news of General Catalyst's potential IPO has sparked speculation about what this could mean for the future of venture capital. Will this move inspire other firms to follow suit, or will it create a new paradigm for venture investing? Only time will tell, but one thing is certain — General Catalyst's potential IPO is a development worth watching closely.