Assuming you based this off their financial statements, then everything you are saying is pretty much 100% on the ball with regard to interpreting their cash fl

Assuming you based this off their financial statements, then everything you are saying is pretty much 100% on the ball with regard to interpreting their cash flow. > That doesn't make me very optimistic. I would say that the market is "on your side" at least for now, as people on here have been starting to compare them to Amazon which is, in terms of market cap, 100x higher valued than Shopify and really not a fair comparison. However, let's not forget that the reason Shopify is a 3.5bil company (and not worth say "only" 500mil) is because they have eyeballs on them right now, and quite a few at that. The market isn't sure how they plan to use those eyeballs, but there's enough visibility to give them a chance at being a strong market player in the future. Also yes, despite being publicly traded, most investors would consider them still to be startup based on where they are at with their business model.