In April 2020, Katerra executives struggled with a series of decisions that would determine the fate of one of the best-funded construction startups in history. Katerra was founded in 2015 by technology-industry executive Michael Marks and commercial real estate developer Fritz Wolff to "redefine the construction industry." Over the next four years, Katerra raised $2.5B in venture capital investment and grew to 7,500 employees. Focused on creating a fully integrated commercial real estate development process, Katerra built and operated factories manufacturing building components ranging from pre-fabricated wood panels to windows, acquired architecture and general contracting firms globally, and developed a series of proprietary software systems to design and manage construction projects. Management touted a project pipeline filled with eager commercial real estate developers and multifamily housing projects, but actual revenue was lacking. Katerra would soon run out of money without additional investment. Customer complaints about Katerra's ability to deliver on promised time and cost savings, coupled with the departure of one of the company's co-founders, call into question the company's strategy and Marks' leadership. Investors must decide whether the company's vision is salvageable, and if so, what steps they should take to construct a pathway to profitability.