They also claimed something like $20Bn USD of passthrough revenue last year. It's hard to figure out what something like that is worth since, as a Grouponesque

They also claimed something like $20Bn USD of passthrough revenue last year. It's hard to figure out what something like that is worth since, as a Grouponesque business, it's very easy to inflate the passthrough without providing real value. But if they manage to build a stable business in which they can capture at least 10% of the passthrough as commission of some kind, then they've already built a $2Bn USD revenue a year business which starts to justify their ~$20Bn USD valuation. Of course, right now they're nowhere near that point as they're furiously grabbing land via subsidies. It is, for sure, a potential valuation bust if they can't right their fundamentals before investor patience runs out. But if they can, then they're well on their way towards a $100Bn business.