Excellent answer. The classical answer is "the value of all future dividends, discounted to the present." #2, in other words. The expectation was, even if it

Excellent answer. The classical answer is "the value of all future dividends, discounted to the present." #2, in other words. The expectation was, even if it pays no dividends now, when it's really successful it'll start. Or often it's #1, as you said.