Is this taking into account the terms of these ridiculous valuations? According to http://www.fenwick.com/publications/pages/the-terms-behind-t... these come with "significant downside protection" and other terms that make these deals more akin to debt than equity funding.

If you stop thinking about the valuation being the price of the company, and instead being the price of a financial product which includes shares AND these protection mechanisms (e.g. liquidity preferences) do these valuations still seem irrational?