Recently, I came across an industry overview and found that the retreat of high-valuation projects supported by VC is indeed shocking. Take Eclipse as an example, with a valuation of up to $1 billion during fundraising, but it dropped to as low as $70 million, a decline of over 90%. Such cases are not uncommon.

When many people invested in these types of projects initially, the core logic was to focus on VC backing, fundraising amount, and valuation size. But in reality, large fundraising scales and high valuations do not guarantee long-term project performance. The primary market has also exposed many similar cases.

This reflects that the entire market may over-rely on fundraising signals when evaluating early-stage projects, while neglecting the actual progress of project implementation. When market sentiment reverses and liquidity tightens, these high-valuation projects are often the first to be affected. Whether in primary or secondary markets, investors need to evaluate the true value and growth logic of projects more cautiously.