1) even though those companies have a history of never making money, they do have a history of generating massive capital gains for early investors. 2) no one

1) even though those companies have a history of never making money, they do have a history of generating massive capital gains for early investors. 2) no one wants income, because it's taxed at 35%. Everyone wants those massive capital gains taxed at 15%. 3) 14 years of ZIRP and QE meant there was basically unlimited money for anyone willing to gamble and take these positions.