I think comparing the valuations of a US company HQ'd in one of the most expensive cities in the world, that has created a tool that is used by nearly all organizations around the world for communication is well worth the crazy valuation.
They’ve lost nearly $150 million in a year. How? What does that money even go to? Even paying their devs incredibly generous wages and benefits, server costs, advertising, deals with businesses, etc, I can’t imagine the losses being that big. It’s insane amounts of money to burn through.
[1] https://ir.tesla.com/node/19771/html#CONSOLIDATED_STATEMENTS...
If Airbus decided to pay twice as much for planes would you say they should be valued higher?
While there is intangible benefits that come from deciding to setup shop in one of the most expensive cities on Earth I'm far from convinced a messenger app company couldn't thrive elsewhere.
What they offer is not unique nor difficult to create. Doubt they'll ever manage to pull in $1B a year to justify that price, the required business model for it would have their customers looking elsewhere overnight.