People keep not understanding or appreciating this point. This is precisely what Uber is in the middle of doing right now too, and to some extent probably what Spotify did, and the future value of those two is by no means clear or stable.

As long as they can can prop up the valuation for a short time, they can capitalize shortly after an IPO and externalize the losses on unwitting millions of people who came to own some unicorn stock because they were auto-enrolled in the 2055 retirement mix of some bottom scraping asset manager that charges high fees on a portfolio with loose definitions of what it can invest in.