I’m going to guess that the “privately backed” qualifier either disqualifies them because they’re now public, or because they reached the $1B valuation before t

I’m going to guess that the “privately backed” qualifier either disqualifies them because they’re now public, or because they reached the $1B valuation before they took VC money. Similar story with most other AU companies that have reached that level, local IPO early or reach the valuation without institutional money. The latter also meaning valuation is pure external speculation.