Humongous episode. Season's on fire. They've given themselves a tough job with these last 3 after all the recent developments but I'm confident they'll kill it.
I'm surprised every single one of you sided with Donna. I was mostly with Cameron on the split: for one, Donna really did violate Cameron's trust big time. And as much as Donna hates being Mutiny's "hall monitor" she truly does attempt to handle Cam the way a mother would their daughter...then again, when Donna has come at Cam as a business partner and friend, Cam has regularly continued to act like an overly idealistic child. so Donna has good reason to believe that's what Cam's resistance to the IPO is.
...except we see that Cam is right in this instance. If not completely right, then she is correct that moving now would be bad and doom them to become outdated, and they as a team should find a middle ground. Because we see that community has become a mall. The social element is what will make it last. And her points about needing to expand to other machines make perfect sense. Finally, not all of Cameron's idealism is naive. She wants to make a product that is genuinely special, and even if it's not the most lucrative ever it'll surely be profitable for all of them. Cameron is more right than Donna: if they waited just a bit on the IPO they would continue to hold onto their identity as a company and still make money and make a better product with greater longevity.
...except again Donna's resistance to risk is understandable considering her past with and alongside Gordon. She doesn't yet know that Gordon is on the verge of making a lot more money (I guess he doesn't know for sure either, admittedly, and Ryan's antics during his S1-Joe impression might've made the new company DOA but I doubt it). Instead she's stressed as a primary breadwinner (even if they are well-off now, they've got two kids they'll need to put though college) and has to chase the money.
All of this is to say that I thought the board meeting and collapse was so amazing precisely because siding with either is not as easy as "cam sux glad she cried woohoo". They are both right and very wrong and, just a few months ago, would have been able to figure out a solution that works for both of them. But things moved too fast.