Well at this point the expectations are a little lower. "Anything but going all the way to zero" seems like the current tone.

I'm not a VC so I may be totally wrong here, but it seems to me that what they expect to scale is not revenue, but valuation (providing further investors match this valuation). Should Soundcloud revenue raises slowly but they do an IPO, I guess investors would be perfectly fine.

Edit : of course, it seems their doing a downround, so those expectations are not in good shape either.