They are growing revenue faster than their losses and they are profitable in mature markets. That sounds like a fundamentally sound business to me. The cognitiv

They are growing revenue faster than their losses and they are profitable in mature markets. That sounds like a fundamentally sound business to me. The cognitive dissonance you're suffering from is the inability to believe that investors will take on losses on the order of a billions of dollars to build a profitable business. Millions of dollars are okay, but changing millions to billions and people are like "that money has to run out eventually". That's not how investors operate. If the opportunity is on the order of billions of dollars as well (maybe trillions), investments of billions of dollars isn't that big in the grand scheme of things. What matters is that the size of the opportunity is large and that revenue grows faster than losses. So long as those two things are true, there will be no lack of investors willing to pony up the money to be on that gravy train.