I guess I was thinking about how a more regular/predictable business would usually be sold by its owners for a multiple of its yearly revenue, for example.
Would the same apply to unicorns? Probably not, because they're special.
Both situations are still betting on future potential, either via earnings maintenance/growth, or via betting on being able to sell the equity at a higher price to a subsequent buyer.
Would the same apply to unicorns? Probably not, because they're special.