Minor Rant on Market Cap / Up-Round Valuations

Market cap and/or up-round "valuations" really don't mean shit unless somebody is buying an entire company. Otherwise, that "unicorn" status might simply mean that some bit player paid way too much for their latest tiny % equity holding. (Unless all shareholders can liquidate at a given price simultaneously, it's basically fiction, as increased supply would eat through the bid stack, devaluing subsequent shares transacted.) Even setting aside discounts and premiums, selling 10% for $10M is not the same as selling 100% for $100M. The guy with $10M might be looking for (or might be) the greater fool.