> Startups don't really have valuations like a public company
Valuing complicated capital structures is well studied. (Many public companies have complicated cap structures.)
The wrong way to do it is take the top-of-the-stack share price, multiply it by everything outstanding, ignore debt, and equate it to enterprise value. That number means something, but the obsession with it in the Valley incentivised Vision Fund-style antics.
Valuing complicated capital structures is well studied. (Many public companies have complicated cap structures.)
The wrong way to do it is take the top-of-the-stack share price, multiply it by everything outstanding, ignore debt, and equate it to enterprise value. That number means something, but the obsession with it in the Valley incentivised Vision Fund-style antics.