Yes, but that is also worth noting. Some of the more recent SaaS IPOs were built on lots of funding and, as a result, don't have great fundamentals.

Indeed. Those fundamentals and lack thereof are worrying. It seems everyone just goes for their own wallet content, not for building value over time. In the end bad fundamentals result in some kind of damage; not for the founders, but for the employees and others directly and indirectly involved when the axe falls. I don't really respect that if it is intentional. Billions or not. Hoped to see some different cases.