> But $41 billion? Now? Maybe in a few years time. Here's the other thing. If you're investing in a startup you're not putting your money in based on some cur

> But $41 billion? Now? Maybe in a few years time. Here's the other thing. If you're investing in a startup you're not putting your money in based on some current metric like 3x booked ARR and saying you expect it to throw off enough to cover your investment. The whole idea is that you think it can grow into the valuation you're putting your money in at, that's where the risk is. If the market believes that Uber is going to grow into a $41B company then that's what it's going to get priced at right now, even if they're not currently "worth" that much based on some present value formula. It's the same way that product announcements don't generally move stock values - those products were already priced in.