I thought Marc A's comment at the end of the article was interesting:<p><pre><code> We raised the money to enable us to keep scaling given
our accelerating growth ... and to make sure we have
plenty of firepower to survive the oncoming nuclear
winter. At current growth rates, we don’t need it to get
to cash flow positive, but having lived through the last
crunch, it’s good to be conservative with these things.
</code></pre>
Which is at least a reasonable justification for getting so over-capitalized: get the money while it can be gotten for cheap, don't burn through it, and use the cash reserve to survive the downtown Marc A. is predicting.