First Wind's $450 million IPO a liquidity gusher?

One of my vices is stopping by Valleywag for Valley/Sand Hill Rd. zeitgeist. I'd appreciate it if you didn't let other folks know I do this. Earlier we had "Two More Green Startups Join IPO Queue".
Here's Valleywag's take:

Appropriately named First Wind, a wind-generation startup based in Newton, MA with $230 million invested from the likes of JP Morgan, Wells Fargo, DE Shaw and Madison Dearborn Partners which operates 92 kilowatts of generation capacity, has filed paperwork with the Securities and Exchange Commission to file an initial public offering. Small problem, however — it's only generated $37 million in revenue against $138 million in losses...MORE