Your statement about VCs needs a citation.  Maybe they think the IPO will raise more money for less equity.  Maybe they want to do the IPO for other reasons.<p>Given that they just got a big loan, I doubt they're down to their last 9 million.  Unless they spent it all in a week.<p>If you read the articles about them, they want to introduce another car model which will be a much higher volume business, involving a lot of capital expenditure up front to create the plant.  That's a good reason to go IPO rather than another venture round.  Higher dollars.<p>And if you don't buy it?  Fine, don't buy the stock.  But what's your ax to grind here?  Every capital intensive business, including a lot of valley darlings, went through a long money-losing period at the beginning while they ramped up design and production.  This is standard.  Why the long face?