[nighthawk454]

"valued at" may be the metric, but I think the bigger point here is they're unprofitable and have not much path to either fix that or continue 'growing'. So by monopoly money rules yes they're a valuable unicorn, but realistically it's more like time to pay the piper.

[JohnFen]

Yes. Whenever I hear that a company (or a person) is "valued at" something, I know that number that follows is not likely to bear any relationship with reality.

[TeMPOraL]

Even if, non-liquid worth is like voltage on a battery - it drops fast once load is applied. Except for batteries we're usually talking about maybe 30% drop. In finance, once you try to convert your large "worth" to cash, it's going to be more like 90% drop, simply from the market responding to what you're doing - that's on top of any bullshit involved in calculating the "worth" in the first place.