A lot of tech companies have figured out pushing ICs into management is counter-productive and have IC tracks with very high ceilings. Until you're a principal/fellow pulling down $500k+ you haven't hit the IC asymptote yet. And yes this exists outside of just FAANG.
The corollary is that you often will have to stick around more than a year or two to get promoted into the senior+ ranks due to the scope of work and actually seeing large initiatives through.
Or you can bounce around every 18 months from senior dev role to senior dev role and hit a ceiling with small marginal gains a lot sooner.
2 of the 3 places I've worked (non FAANG) did not have IC tracks that went past senior or if they did it was 1 position that was not promoted internally and it never opened up again.
The corollary is that you often will have to stick around more than a year or two to get promoted into the senior+ ranks due to the scope of work and actually seeing large initiatives through.
Or you can bounce around every 18 months from senior dev role to senior dev role and hit a ceiling with small marginal gains a lot sooner.