This article is trying to express that "valuation" has different meanings for different companies. For most companies, valuation is based on the price investor

This article is trying to express that "valuation" has different meanings for different companies. For most companies, valuation is based on the price investors are paying for the stock alone. The point of the article is that, for some tech companies, it's based on the price investors are paying for the stock plus some form of "downside insurance" which pays them back if the stock loses value. It makes sense that the stock-plus-insurance basket would be more valuable than the stock alone, especially if there is a small probability of the insurer folding and thus a small probability of losing money.