Ask HN: Have you experienced a company scale without losing its culture?

"The Elves Leave Middle Earth – Sodas Are No Longer Free"† was posted almost ten years ago. I've now seen that in action now more than once (including a case of literally starting to charge for the sodas). A company brings in a new executive (often referred to as an "adult"). Sometimes it's to prepare for sale/IPO, other times to help with a painful pivot. The pressure often comes from outside (the board or large investors, potential acquirers, etc.) It may involve suddenly hiring a large number of new people not already familiar with the culture as well.

During this process, the company "corporatizes" - transforms from a "startup" to a "corporation". In keeping with the metaphor of the person leading the change being an "adult", the goal is for the company to "grow up".

Has anyone seen the counterexample, when a startup becomes a "corporation" without losing the culture that made it special in the first place? How did they do it, and what was it like from the inside? Alternatively, have you joined a company during that phase, where you were part of the second generation of employees and experienced the change without the context?

† https://steveblank.com/2009/12/21/the-elves-leave-middle-earth-%e2%80%93-soda%e2%80%99s-are-no-longer-free/