We utilize a novel consumer review dataset from Trustpilot.com to investigate the effect of going public on consumer satisfaction. Focusing on a cohort of consumers who post reviews both before and after IPO attempt events (completed, cancelled, and rumored), we find that firms successfully going public experience a significant decline in consumer satisfaction. This decline persists for up to two years following the IPO. Our evidence supports two mechanisms underlying this effect: a business expansion channel and a short-term pressure channel. In addition, using textual analysis and ChatGPT-based tools, we find that consumers are more likely to post reviews with negative sentiment and to express greater dissatisfaction with service and product quality after firms go public. However, we find no evidence that firms increase their efforts to address these issues. Overall, our findings provide novel insights into the consequences of going public for consumer welfare.