I'm not sure why revenue is relevant. No revenue doesn't imply an improper valuation nor a bubble. Those things might or might not be true, but if they are, it'

I'm not sure why revenue is relevant. No revenue doesn't imply an improper valuation nor a bubble. Those things might or might not be true, but if they are, it's not related to revenue. Startup valuation is not determined in a vacuum. Don't ask how the company is going to serve its future self, ask how it's going to serve the free market that wants to own its assets (engaged users). You think there aren't a ton of companies who wouldn't mind 200 million users? How they monetize them can be their own problem. Snapchat's value prop, at present, lies in the grip it has on the population. Rarely can a company just go out and buy that. They have to invest in products and services and will probably fail. They may monetize it in the future, which would just be gravy. It's still incredibly valuable to a few companies who can afford it.