I understand your viewpoint, I'm just saying that's not how VCs take valuations. It's a 4 bn business, its chance of survival taken into account - which at this

I understand your viewpoint, I'm just saying that's not how VCs take valuations. It's a 4 bn business, its chance of survival taken into account - which at this point, a16z thinks is pretty high, not <50%. This confidence is probably what rose it from its previous 1 bn valuation.