Interesting exercise. One can nitpick some of the math and assumptions, but the message is directionally correct.<p>The problem too many of these so called unicorns have is that there&#x27;s not much in the way of real fundamentals supporting their lofty valuations. The valuation is largely based on hype. A lot of these companies valued at $1billion + may realistically only have a value of a few million based on their fundamentals.<p>In once sense that doesn&#x27;t matter. If you&#x27;re an early investor in such a unicorn you only need to convince some sucker to buy your shares while the hype is still hot. However, one needs to be a total fool to not understand that in such a game the music always stops playing at some point and someone is left holding a bag full of worthless $#&amp;!.<p>The early players in this game have long since cashed out and are on a nice beach somewhere. The challenge for today&#x27;s &#x27;unicorns&#x27; is that they&#x27;re starting to venture into nightmarish territory for businesses... i.e. massively overvalued without the fundamentals to stop a free fall. The number of recent tech IPOs where shares have plunged 50+% shortly after floating (or were forced into a recent big down round) are a strong sign that the market&#x27;s tolerance for hype-based valuation is disappearing quickly. For those companies in that boat it&#x27;s quickly going to become a game of put up or shut up. The solid business will survive but the rest will implode or be sold for pennies on the dollar in a fire sale down the line.