With four different CFOs in only five years, Rackspace has had to take a fine-toothed comb to the books in advance of the server farm's IPO. According to documents filed with regulators, the company disclosed a "material weakness" in its accounting. But if you believe IPO Boutique analyst Scott Sweet, this is all very typical and the deal is still very much in demand. Investors like Sequoia Capital could probably care less whether or not Rackspace cooked the books — once it goes public, they're liquid and Rackspace's spotty uptime, customer dissatisfaction and financial office revolving door is no longer their problem. However Chairman Graham Weston, pictured here, should probably keep that hard hat on just in case. (Photo by Robert Scoble)

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