Financing non recurring high capex projects, specialist VC niches like media, hardware, bio

Things like hardware, media, bio. How do you finance these? Let’s say you need $150mm for a project, but need 20% ownership. Do you just break it up into pieces and then increase valuation at each stage? And if you think of the payoff as a relatively fixed amount, do you just DCF it to arrive at what you think real value is?

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