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A good example might be challenger banks.
Massively funded, massively loss making, no path to profit (or even utility). Who is going to bear those losses when e.g. Monzo goes bang with £500M in equity debt. They just raised £60M on a down round FFS.
I'm gonna go out on a limb and say that all of them will be at risk of going pop in the next 5 years and maybe 1 or 2 survive.