Why companies like Lyft and Uber are going public without having profits

Subheading from midway through the article asks a better question than the headline does: "Why would people invest in unprofitable IPOs?"

It's the theory of greater fool. The investors need their 20x return back and who better than the general public who will buy up these shares.

It's a musical chair on a grand scale

Current ownership doesn't expect additional upside for staying in so it's getting out while the getting's good.