Not exactly a stellar market to be looking in. Chances are that you'll be trading down, especially if you're in some level of big tech, like Discord arguably is.
Or maybe if has something to do with the limited availability of VC money. If you can’t find people to throw free money at your company, you need to figure out a way to actually make it profitable. You know, like a normal business…
After 15 rounds and 995.4 M$, maybe it’s about time.