So what you're saying is "the reason companies don't sell equity at these huge valuations is because investors wouldn't buy" (or wouldn't buy in the necessary a

So what you're saying is "the reason companies don't sell equity at these huge valuations is because investors wouldn't buy" (or wouldn't buy in the necessary amounts)? I wouldn't be surprised if that's part of the calculation at these companies... And attempted and failed equity sale surely would have a bad impact on stock price.