For every Theranos and WeWork, there’s Uber, Coinbase, AirBnb. I know they didn’t raise as much as OpenAI, but it wasn’t insignificant amount of money burning before they became profitable with large market caps. It’s very strange times we’re living in.
Have any of those become profitable?
Yup, I think all three are posting about 500M/quarter profits on average for the past year or so. Might be wrong though, I don’t really keep up with all of them.
AirBnB has been profitable for two years. Coinbase’s financials are complicated by them holding a substantial amount of cryptocurrency, but they’ve been profitable for two quarters even with significant losses there.
Yes, all of them are profitable.
Uber made a 1.1 billion profit last year.
Airbnb is down 10% since going public. Coinbase is down over 50%. I think some skepticism around pre-IPO valuation is warranted.