A TRL 7 demonstration is not an investment thesis. Neither is a patent filing, a peer-reviewed paper, or a proof of concept. These are necessary conditions. They are not sufficient ones. Sophisticated deep tech investors evaluate four things in parallel with the technology: market validation, beachhead clarity, IP coherence, and team completeness. The weakest of the four sets the valuation. Most deep tech ventures leave the commercial questions until the technology is ready. That sequencing is the standard failure pattern. The most expensive version of it is discovered at the investor meeting.