M4 Annoucement is coming!, page-260

Without M4, we've been hovering at $100m ($200m fd). Without basically any revenue, we've been hovering around this area. The market has priced BRN's IP to be worth this much because of it's potential. And it's potential hasn't been proven yet. M4 is the prover.

All for having differing opinions. I want to be bound to realism, and to me M4 justifies $1B valuation based on the sheer scope. As for the market, who knows. BRN was at a $600M valuation based on Milestone 1. I'd assume M4 at the very least would bring a re-rate. At maximum, the sky is the limit.