My ex-ante expectation of a YC company in the current class raising successfully conditional on them being a going concern as of Demo Day is > 95%. With regards to valuation, I was joking -- the discursive market for it was the "angels weep" wordplay but it belatedly occurs to me that for people whose primary association with the term "angel" is "angel investor" that is less obviously intended to be a joke than it is with the rest of us.