[avifreedman]

At the late stage, investors usually want to see 3-10x vs 10-100x as a realistic range vs earlier stage (A round) investors.

Usually they also look to there being a MUCH lower change of going completely to 0 - more like 10-20% vs well over 50%.

And usually there it's because of the fundamentals of the business are starting to show (margin, cost of acquiring customers, customer churn and upsell, etc.)

Sometimes IP or assets add value/valuation as well, though.

In Docker's case, there is also probably a feeling that the asset (control of "Docker") is worth hundreds of millions.

In CloudFlare's case, it is millions of sites as users, and the ability (mostly untapped, I think) to monetize the data from that.