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I see a $150M round as a failure: a company that has big dreams but can't make enough cash at what they currently do. Even Tesla only raised $200M at IPO, and that's for a car company with huge overhead and manufacturing capital costs. $150M for a company that assembles products from COTS parts in China is ridiculous.

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You can see it however you want, but that won't change what it actually is.

Companies raise huge rounds when they've nailed their product, their production lines, and their sales funnel. They know what they're doing and need cash to accelerate.

Venture capital is not charity.

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