I like Steve Blank's definition of startup: "A startup is an organization formed to search for a repeatable and scalable business model." So, by definition, y

I like Steve Blank's definition of startup: "A startup is an organization formed to search for a repeatable and scalable business model." So, by definition, you don't know how much it's worth using traditional valuation methods you'd use for "normal" companies, so investors use other indicators like growth, number of users, etc. (which can be gamed). As the grandparent post states, "unicorns" are companies that already have a repeatable business model, so they should start to be looked at differently. It's in the "unicorn's" best interests to be valued as a startup for as long as possible, that's one reason they cling to the title far after it's not applicable. It's also a status symbol :) , but it sounds silly when people talk about their "10 year old startup".