There’s a bigger story to tell than just a number.

Is that $1.8B of revenue? Of profit? $1.8B of total funding in the last six months? In the last ten years?

Here’s $100M of funding for a 6% stake, four years ago:

https://siliconangle.com/2021/03/22/digital-identity-network...

Last year: a liquidity event for early investors and employees, none of which helps the ongoing business but instead lets the founders and C-suite buy a private island / holiday home / mobile home / home:

https://thepaypers.com/digital-identity-security-online-frau...

A $275M loan — not an investment, though you get a good deal if they default! — to keep them afloat?:

https://www.investing.com/news/stock-market-news/idme-secure...

The only rung deeper into the hype pit would be valuing them as a unicorn based on a too-big-to-fail government bailout.

Loans get issued based on profit generation (or asset value), so no, it is not “to keep them afloat”. You can’t get a loan if your company is not doing well or too risky (that’s why startups raise equity - because they are still too risky for someone to lend them money).

A loan is a form of debt, which is one of the two main forms of capital - the other main one being equity. Debt is less expensive than equity, so companies prefer to issue to raise capital via debt than equity.

Its not just profit that is considered for a loan. Anything related to states is more stable and thus less risky. Or how would you evaluate state bonds by profit only? Elon knows what i am talking about.

Login.gov is the default idp for the Social Security Administration, supports 200+ federal agencies for identity, and IRS was in the works to onboard Login.gov before this new admin fuckery occurred. They handle over 10 million monthly active users and 40 million monthly sign-ins across nearly 50 agencies and states. Will it still happen? Who knows. id.me will likely IPO based off the ~$130-$150M ARR they have, some folks will get wealthy, and it'll still end up the equivalent of confirming your discount eligibility at Home Depot for veterans.