Sure, but the original point wasn't about whether bottom line is red, it was about whether it's an investing ponzi scheme or an actual attempt at operating like

Sure, but the original point wasn't about whether bottom line is red, it was about whether it's an investing ponzi scheme or an actual attempt at operating like a proper business. It may not be profitable on an absolute basis (many unicorns aren't), but that's very different from having your entire business plan centered around never ending VC rounds. Generally speaking, once a company goes public, it must start showing results.