Wait until you learn about the biotech industry, they often go public with no revenue. I don't think there is anything wrong with this though, markets are pricing future growth, which may or may not materialize.
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I actually think this makes sense. It's basically outsourced R&D for pharma companies via acquisition of companies once they get at or near approval of a new drug.
This is why I don't take seriously any stats about pharma R&D spending. They don't consider acquisitions to be R&D even though it often effecively is.
Biotech and drug discovery is inherently gambling. Most May tank, but some have the potential to 10-20x. Traditionally their IPOs allowed them to spread the risk out broadly amongst the public. Then they somehow became stupidly overvalued in 2020-2021