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Amazon is still mainly valued on projected earnings after 2020 -- the only recent change is that they went from steadily losing money to slightly making money. But the money that they're making now does not justify their stock price.

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My impression was that Amazon does make plenty of revenue — it is just that all of the "profits" simply gets reinvested into Amazon? Is that too naïve? My thought was, hey they found something useful to do with that money. (Funny how I don't see Twitter that way. I think they could/ should cut their spending by something like $1B a year.) I'm of course comparing Amazon to apple which makes so much money that they can afford to keep it "cash" as opposed to reinvesting.

Indeed Amazon has never needed much funding. Crunchbase showed their most recent raise as being $100m in 2001.

Uber is very different. Their burn was $991m in Q4 2016 and growing.

Once the company goes public, the amount of money they raised is included in their finances, and not counted as a round. Take a look at the Amazon finances and you'll see how much they have raised on loans. The higher the stock price, the better loan pricing they can secure. This is the strategy that Tesla employs as well.

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