[marcosdumay]

Company valuations never have an explanation. At all. It's all whatever people at the moment guessed, usually with so little information that you'd be infuriated.

For non-traded companies, it's even worse, because it's less people, at fewer moments, and they don't even need to be honest. As a first approximation, non-traded companies do not have a valuation, any number you get is bullshit and you can get something with the same accuracy by just asking ChatGPT.