There are large debt rounds in businesses that have cash flow, assets and huge operating budgets. The nature of VC/early-stage is such that it doesn't fit the

There are large debt rounds in businesses that have cash flow, assets and huge operating budgets. The nature of VC/early-stage is such that it doesn't fit the risk profile for debt. Companies have no assets to back the debt with, often no consistent revenue etc.. With the insane valuations that companies are getting these days it seems to me that debt would even be more afraid. Like Clubhouse: 15M users, no revenue, flakey product, no obvious kind of revenue model, $1B valuation. Are you going to loan them $50M at 5% interest? Consider the risk on that. So if your startup sells some funky kind of new wind turbine, and you do the deployments yourself, you might be able to raise debt to pay for the the installs themselves, because you can do the math on that out for a few years. So you could raise debt to finance your sales in a way like that. But it's about a risk profile, and how far out you can predict stable cash flows.