The IPO prospects of high-tech startups is on the rise. And to date, the talk has mostly focused on revenue-generating, relatively mature companies such as Infinera, BigBang and TellMe. Until now.

Lucinda Stewart, a general partner at OVP Venture Partners, suggested in John Cook's annual VC prediction column that Zillow might be primed for an IPO in 2007.

I haven't seen the online real estate startup's income statement, but judging from the traffic patterns below, I doubt the company is garnering advertising revenue anywhere near what it would take to sell shares to public market investors. I'm not convinced Zillow is done developing its product. I expect it to roll out soon a transactional offering alongside its existing informational one.

Until then, $57 million in venture capital from Benchmark Capital and Technology Crossover Ventures or not, 2010 is more realistic than 2007 as an IPO target date for Zillow.

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