There's multiple rounds of funding. Each round creates artificial scarcity and artificial hype both of which drive up the bid. If they auction 10% of the equity for $25 million now all the sudden it's worth $250 million (25/0.1). Then because there's no public price discovery outside of these auctions, the price remains artificially inflated until it either runs out of capital or until it goes public. So a common metric is "months of cover" with is basically how much longer they can keep going with t convincing more people to fund them.

There's multiple rounds of funding. Each round creates artificial scarcity and artificial hope both of which drive up the bid. If they auction 10% of the equity for $25 million now all the sudden it's worth $250 million (25/0.1). Then because there's no public price discovery outside of these auctions, the price remains artificially inflated until it either runs out of capital or until it goes public. So a common metric is "months of cover" with is basically how much longer they can keep going with t convincing more people to fund them.