Plenty of non-startup companies trade at 20-100x P/E ratios. Dropbox is clearly insanely profitable at only 65 employees. Especially because they are running d

Plenty of non-startup companies trade at 20-100x P/E ratios. Dropbox is clearly insanely profitable at only 65 employees. Especially because they are running de-duplicated storage on top of highly negotiated AWS pricing (they are likely the biggest AWS customer, and AWS certainly does custom pricing deals for big customers). And startup P/E ratios should be higher than established companies because you are making a riskier bet for a higher potential payoff. They could be doing $100 million in revenue (a 4% freemium conversion on their $99/yr plan at 25E6 users) and it wouldn't be crazy at all. Or any number of other configurations.