B2B big-data analytics platform Cloudera (CLDR)(CLDER) is seeking to raise approximately $195 million in funding by going public by selling 15 million shares valued at $12-$14 per share ($180-$210 million in funding more generally). This would value the company at just over $2 billion on a fully diluted basis.However, when the company obtained its last round of financing in 2014, the company had been valued at $4.1 billion. Cloudera had sought this valuation for its IPO when it began filing last month, but has cut down on this figure to bring more investors onboard. Stock that had been granted to Cloudera employees in March was valued at $17.85 per share. Intel (INTC) had purchased a $740 million stake in the company in 2014 at $30.92 per share. A $13 per share IPO price, even assuming a 30% pop afterward, would decrease the value of Intel’s stake by around 50%.HortonWorks (HDP), Cloudera’s closest public comp (December 2014 IPO), which also bases its product on Apache Hadoop, has seen its share prices drop 60% since. Cloudera will be the fourth tech “unicorn” (i.e., $1B+ private valuation) to go public this year, after Okta (OKTA), Mulesoft (MULE), and Snap (SNAP). All of those three had large pops on their first day public, but for investors not on the inside loop who don’t have access to this early trading, none of these have provided any gains. OKTA is down around 4% from when it began trading to the general public.MULE is down around 5% from its initial pop.SNAP peaked at $27.09 on its second day of trading on Friday, March 3, but is only around $20 currently.Does TSLA Provide Hope to the Tech IPO Market?Even with recent tech IPOs popping on day 1 and fizzling out since, Tesla (TSLA) provides a particular case of an unprofitable tech company achieving outsized stock returns. The company is up 65% since December 1, surpassing Ford (F) and, at least temporarily, General Motors (GM), despite having, at present, just 0.2% share of the US vehicle market.While most Ford and GM investors view Tesla negatively, given the latter two are valued based on “results” while Tesla is valued on the basis of “potential.” Tesla’s phenomenal success on the market over the past 4-5 months provides encouragement to unprofitable tech unicorns that their potential can be viewed in the same golden light (or perhaps irrationally for those more cynical).