Their valuation is actually extremely sensitive to usage patterns right now, however. If they lose $1m of business, it's not like they're worth $1m less. That m

Their valuation is actually extremely sensitive to usage patterns right now, however. If they lose $1m of business, it's not like they're worth $1m less. That million bucks is not only used in an assumption for making that money over and over for the next couple decade, but also as an indication of growth for more adoption. I don't know the exact model that gets used, but it's likely that losing $1m in business today causes hundreds of millions in loss for their market cap.