Matt Levine at Bloomberg:

In other totally normal unicorn rapid valuation-doubling news:

SoftBank Group Corp. is in discussions to invest another giant slug of capital in WeWork Cos., with a deal that would value the shared-office company at $35 billion to $40 billion, according to people familiar with the matter.

Such an investment would roughly double WeWork’s $20 billion valuation, set last August when SoftBank invested $4.4 billion in the company.

I have to say, if SoftBank is going to become the entire market for hot private technology startups, then every valuation is going to be marked-to-SoftBank, and the numbers will start to lose their meaning. 

SoftBank: Would you like some money at a $10 billion valuation?

Startup: Sure.

SoftBank: Here you go. Would you like some more at a $20 billion valuation?

Startup: Sure.

SoftBank: Here you go. How about a $40 billion valuation?

Startup: This is dumb but it’s not like we’re going to say no.

SoftBank: Here you go.

Startup: Thanks brb buying a yacht.

SoftBank: Our mark-to-market investment returns are tremendous, we must be good at this.