The Mammoth Revival Valuation Game: Colossal's $20B Bubble from an Asset Allocation Perspective

I noticed an interesting detail: Colossal Biosciences attempted to raise funds at a valuation of $20-30 billion in 2026, whereas its valuation was less than $1.5 billion just a year prior. The company hasn't earned a single cent from its core business of "species de-extinction," yet it has already surpassed the market cap of most publicly traded biotech companies. From an asset allocation perspective, this looks strikingly like the SPAC boom of 2021—the market replaced discounted cash flow with stories.