One thing I dislike about this kind of analysis is that it perpetuates faulty thinking about market cap.
Clubhouse is not worth $4bn. We would only know that it was worth $4bn to someone if they bought the whole thing for $4bn.
Investors using a $4bn valuation to price the stock does not mean that the company is worth $4bn.
What it means is that someone is making a bet that their stake will be worth more to someone else in the future than it is now. That doesn’t even mean they think the company will ever be sold for $4bn.