Depends on your definition of startup, doesn't it? Some people prefer a definition based on growth rate. Another definition that occurs to me is a company that

Depends on your definition of startup, doesn't it? Some people prefer a definition based on growth rate. Another definition that occurs to me is a company that could perhaps one day be massively profitable, but is currently losing money. To me, Tesla does seem to have IPOed unusually early. The "usual route" I have in mind is that tech companies typically acquire some very significant market share before their IPO. Tesla look like they're still getting started.