Slack has a huge opportunity in front of them (become the messaging platform for every business that exists). They’re investing a lot of money to acquire all of that business (salespeople, travel, etc.). That is literally one of the main purposes of capital and access to capital is why you would take a company public.

And, specifically re: Slack. Unlike, say, Uber or Lyft, Slack has customers who have demonstrated that they are willing to pay what the service actually costs. The ride-sharing companies have not. The entire investment thesis for them is that they will somehow be able to increase prices at some point in the future, but they don’t actually have any indication that this is true. And I agree that they are most likely a bad investment. Slack, on the other hand, has a huge and rapidly growing book of extremely sticky business. To turn on profitability, they turn off their expenditure on sales people. They’re very different models.