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#1 sounds like Ben Horowitz's last ditch IPO of Loudcloud (except market conditions today are much more favorable). The story goes that Loudcloud was unprofitable, headed towards bankruptcy, & couldn't raise VC capital, so they went public. http://www.businessweek.com/stories/2001-04-15/the-last-days...

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"losing $107 million on only $6 million in revenues"

Is this what the 2000 bubble was?

"When Loudcloud first filed to go public 164 days earlier, it was valued at $1.15 billion, in spite of losing $107 million on only $6 million in revenues in the three quarters ended Oct. 31."

> Full context is useful.

== $1B+ val vs. $10MM LTM rev = 100x rev multiple.

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