Hmm... that would essentially make the intellectual property worth $900M~ alone... not sure that's realistic when it currently isn't producing money yet. Has to be future dev...
The income approach is based on the future of the company at that valuation date . Current means as of that certain date. Good analyst should perform all three and reconcile them. Asset approach is usually the lowest because it is just the value of the assets. The market approach derives value from similar publicly traded companies or historical buyouts. It is hard to use the market approach because no company is truly comparable to the one being valued. Most weight is applied to the income approach which bases the value on FUTURE CASH FLOWS.
Full Disclosure. I value privately held businesses when they are in litigation and have to be very precises for the court and to not get my ass kicked by opposing counsel. Valuations done outside of litigation are sub par and merely a suggestion or starting point for negotiation.