That’s an accurate description of the majority of VC investment outcomes. The outlier-success stories aren’t called unicorns because they’re common. So it tracks that Norway would tax valuations to curtail investments that generate no economic value for Norway (such as a typical forever-profitless business in round G with no profits to tax) and promote investments that generate economic value for Norway (such as a typical profitable business with profits to tax) — and if the VC gamblers want to gamble in Norway, their claimed valuations are taken at face value and taxed accordingly, which provides a direct financial incentive against valuation inflation.