It's losing incredible amounts of money... how is it possible to still have 650M market cap when you lose almost as much money as you have revenue... and next year doesn't look that much better...
Losing money by doing real business (or in the case of losing money: attempting to do real business) would be a real problem for employees doing hard work. Losing money in this case here is gamblers' money and I have no feeling for gamblers. Unfortunately some employees' salaries are paid by gamblers (mine is), so it can have nasty consequences.
Read the valuation of MariaDB earlier today in the paper paper (so before trading had started) and immediately thought: It can't be worth that much: Speculation, hype! Of course the new value determined by "the markets" is also a result of speculation. Just a different type of and less hype.
The SPAC is listed as a stock before there is really a company with a product. The value of that stock is defined by the capital put up for the SPAC. Once the SPAC merges with a real company the value of the stock is usually around whatever cash/capital put in originally.
Markets are forward looking. If a company loses less money next year than it did this year then they see growth. Likewise, if a company loses more money next year than this year... well, that is growth too! Growth at all costs.
Read the valuation of MariaDB earlier today in the paper paper (so before trading had started) and immediately thought: It can't be worth that much: Speculation, hype! Of course the new value determined by "the markets" is also a result of speculation. Just a different type of and less hype.