Its technically not "market cap" since there are no stocks and no public offerings, and therefore no "bet" on their future. A valuation and market cap are entirely different things.
Re:OpenStreetMap Is in Trouble
by JumpCrisscross on Saturday February 17, 2018 @01:29AM
(#16399376)
> A valuation and market cap are entirely different things
In the way the Fahrenheit and Celsius scales "are entirely different things." Both "valuation" and "market cap" are measures on the aggregated estimated present value of future cash flows, i.e. net asset value, from/of a security.
They absolutely do. They're just updated less frequently and called "valuations". Closely-held private companies also have valuations, they're just even less frequently made visible.