We have formulas galore for valuing fast-growing, money-losing companies in hot sectors. But at the end of the day, there’s one metric that matters: How much are investors willing to pay?

When it comes to companies taking the SPAC route to public markets, it seems investors are willing to pay much less than a few weeks or months ago. Shares of many venture-backed companies that carried out the most highly valued mergers with blank-check acquirers are trading for a fraction of their former highs. READ MORE