So how does this ripple out? My (amateur) thought is that it means the end of billion dollar valuations for companies with no revenue whatsoever. Which will h

So how does this ripple out? My (amateur) thought is that it means the end of billion dollar valuations for companies with no revenue whatsoever. Which will have the effect of pushing all valuations down. Which is maybe not a bad thing, overall. Will it mean less actual funds raised? Or similar amounts, just at notably lower valuations (and thus for a greater percentage of shares)?