I mean, the value probably wasn't in its potential to make pizza. Any more than Boston Dynamics' value is in its potential to make robot dogs play fetch. Pre-IP

I mean, the value probably wasn't in its potential to make pizza. Any more than Boston Dynamics' value is in its potential to make robot dogs play fetch. Pre-IPO valuation is almost always about what else you could hypothetically pivot into doing, given the tech (and competencies) you've built up. One step further: startups know this, and VCs know that startups know this. So when you see a startup "making a pizza robot", they're probably not actually "making a pizza robot." That "business model" is really just an early proof-of-concept milestone to aim for while building up tech (and competencies) that can address much more interesting markets. And if you're a VC, they'll tell you as much in their pitch deck. Though they won't ever mention that in any of their marketing. Since, what if the pizza-robot thing does take off? May as well keep it around as a vertical for their tech, in that case.