Probably because: -$904M is the market size today, but we all know it is growing -$904M is the annual revenue number, not the amount of revenue to be generated

Probably because: -$904M is the market size today, but we all know it is growing -$904M is the annual revenue number, not the amount of revenue to be generated for all time in that market. Businesses are theoretically valued at NPV of future earnings, so it's entirely plausible to get to a $10B valuation on the back of a huge market share in a fast-growing ~$1B/yr market.