Most "profitless" tech companies do just fine on the public markets as long as they show consistent revenue growth. Take a look at multi year charts for HubSpot (HUBS) and Twilio (TWLO), for example.
As an alternative take amazon: they made a loss for years and years, but the size of their losses were reducing every year as they grew. The demonstrates a path to profit.
Of course for all these companies who have lost value post-IPO have already got the cash they were after. Post-IPO changes to value don’t change that and only impacts people who purchased at the inflated price.
This is quite clearly a one time event.