If the question is "how did they get that valuation despite being a very bad business", it's simply that investors gave them too much forward credit against the

If the question is "how did they get that valuation despite being a very bad business", it's simply that investors gave them too much forward credit against the very big risks they had to surmount, the biggest of which seemed to be the Founders lack of discipline and inability to execute properly. >> So they hired a massive team of oncologists no expense spared, but their abiilty to deal with cancer isn't good enough The Fast founders highlighted their team at every turn, showcasing trophy hires from larger, successful companies. Investors bought into this hard especially at the Series A and B fundraises, and believed that a strong executive and engineering bench de-risked the business more than they had. >> Well, they wouldn't be risks otherwise. Not to them! The issue here was the high degree of self-delusion and spin amongst their team and investors. They downplayed the challenges at every turn, and tried to convince others (and themselves) that they had already gotten past all the hard parts. As it turns out they had not.