It seems like with a number of the high-growth startups, the client isn't really the client.

The real client is the VC who writes cheques and provides validation in increasing valuations. The "regular clients" are a raw material, to be converted into the service provided to VC.

Clearly, in the early days, you desperately need "regular clients" to prove yourself to the "VC clients". But eventually you earned your stripes and you can again care about valuation over revenue and profit, and consequently customer retention.

Add to it the SV dream of inventing a niche and monopolising it, and you care about your customers less still.