Honest question from someone that knows nothing about valuations, does this seem kind of ridiculous? Aside from investors basically making this stuff up, is the

Honest question from someone that knows nothing about valuations, does this seem kind of ridiculous? Aside from investors basically making this stuff up, is there any actual validity to a billion dollar valuation anymore? What would I look at (aside from %s) that would show me, someone that knows nothing about finance, that this company is this valuable? What is their actual revenue? I’m mostly curious to see how reality stacks up against hope and what the actual financial outcome of this would be outside of seeming like these companies are being dumped on the market for a big payout.