[not_jd_salinger]

Both. I personally find the fact that having these later and later rounds of funding considered normal a huge indicator that something is very wrong with the current industry.

It means there's a lot of capital being dumped into trying to find some hidden source of profit and it's getting harder and harder to find it.

It's the capital equivalent of going from finding oil in your back yard to blasting it out of tar sands in the Canadian tundra. Sure the capital/oil keeps flowing, but the inherent unsustainability of the system starts to show its face more clearly.