That discussion isn't that relevant, when you're trying to figure out this kind of valuation though. The reason for that dip was largely 90 and 180 day lock-ups

That discussion isn't that relevant, when you're trying to figure out this kind of valuation though. The reason for that dip was largely 90 and 180 day lock-ups increasing supply of shares traded as employees sold stock. Also there were economic fears helping pressure the stock down. FB's valuation at IPO was still smaller than it's primary domestic market's (ad spending) size ($165B in 2012). Uber's primary domestic market (taxis) is only valued at ($20B), so if they captured all of the US taxi, their current valuation requires them to capture over 300% of the market.^ Now obviously that's not a perfect barometer. There are other variables and adjustments to make, but it makes it very clear that there is limited upside potential. Without claiming another market (ownership), it's actually damn near impossible. They've also ceded competition in the Chinese market to DiDi, so they can't make it up via global expansion either. ^edit (Obviously, this is a 1x multiple, as you increase to more reasonable values it drops the share required, but you have to push it pretty hard to reduce market share to a decent level.)