> There is an entirely possible and alternative funding model that perpetually allocates a responsible amount of incremental funds for the purposes of novel R&D.

You are completely missing the point of venture capital here.

Of course, bootstrapping exists, but I can't point to any similar companies to Fly which have achieved standout success in an area like this with a model like that.

> Raising massive lump sums of money is about VALUATION.

Valuation is merely a side effect in pursuit of market dominance or hopefully establishing a niche monopoly.