$150M is a large number, but so is $1b. At that burn rate they have over six years of runway. It may be that for every $100M they spend on acquisition, they ma

$150M is a large number, but so is $1b. At that burn rate they have over six years of runway. It may be that for every $100M they spend on acquisition, they make $200M over three years in sales, in which case it would make sense to burn cash now to capture the market. They could also be going all LivingSocial: setting money on fire with no path to unicorn profitability. Anyway, no real way to know without the inside financials.