Crunch time for Katerra?

Katerra CEO Michael Marks strolled onto the Las Vegas stage, his name and title projected onto a giant black screen. In a style that’s become a cliché among Silicon Valley startups, he was about to unveil the construction firm’s new products to an audience of more than 200 people.

“We’ve been working hard, quietly behind the scenes for the last few years,” Marks said at the February event. “This is our coming-out party.”At the time, the company had every reason to be a confident debutante: Just one month earlier, SoftBank Group’s Vision Fund had committed another $700 million to the startup — bringing the firm’s rumored valuation to more than $4 billion.