Except for that $19 billion exit. Companies don't need to be turning a profit anymore -- they just need to prove they can scale, and someone else will figure out how to monetize it after a buyout. Hell, you don't even need to be a startup aiming for a buyout anymore to get away with being financially incompetent. Reddit is about to file their IPO at a valuation of $10 billion, even though they've been losing money for nearly two decades and are noticeably (and unsuccessfully) scrambling to find any presentable evidence that they're not complete buffoons.