LaunchDarkly Series D

We need to talk about LaunchDarkly's Series D. $200M at $3B from Insight Partners, Bessemer for flag management empire. On one hand, the enterprise opportunity is legitimate and the timing could be right. On the other hand, there are maybe fifteen other companies with identical pitch decks and similar traction, all racing to the same exit that might not exist. The valuation suggests conviction, but I suspect it's more about portfolio allocation percentages than genuine excitement. This is the kind of deal that will either quietly work out or quietly get marked down, never making headlines either way.