Valuation can depend on lots of different things, including hype. However, it ultimately comes down to an estimated discounted cash flow from the future, i.e. t

Valuation can depend on lots of different things, including hype. However, it ultimately comes down to an estimated discounted cash flow from the future, i.e. those who buy their shares (through private equity methods) at the current valuation believe the company will earn such and such money in the future to justify the valuation.