Tech valuations have doubled over the last four years.
The simplest heuristic is price/sales ratios.
Money losing companies that are doubling their revenue are currently going for nosebleed ps ratios of 40-100, which equates to $5-$13b market cap.
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this is why the companies in the last year before IPO go like crazy all the way in burning cash on customer acquisition and sales expansion. All the issues stemming from that are left to be dealt with by the post-IPO bug holders.