Yes but anytime you are engineering “financials” instead of engineering sales and customer satisfaction you are headed down a path that warps things. In the case of unicorn valuations it’s your term sheet: investors who are getting in at high symbolic valuations are asking for special provisions to protect downside that you wouldn’t otherwise grant them.
All of those (eg. sales and psychology) are interrelated. For example, say you're an enterprise SaaS company. Saying, "We have a $1B valuation and aren't going anywhere" actually carries meaningful psychological weight during the sales process -- weight which could be the difference between winning or losing out to a competitor. In that regard, it may matter...
