From Term Sheet (required reading BTW)
Read it all.
The thing about bubble valuations and unicorns … neither one will last very long. Pure Storage IPOed this week and they aren’t doing as well in the public markets as their private market valuations might suggest. This is not to say they aren’t a good company, or don’t have a good product. This is saying that the demand for “unicorn” valuations from the buy side is … well … weak. The market values real businesses able to generate operating capital from revenue.
Is this the beginning of a (not so great) unwinding? I dunno.
I do think that this will encourage a) companies to sell, b) others to acquire, and have them all do it at more reasonable valuations.