D/D Advisers

Once upon a time, in the olden days, companies started out small. They made something, they sold that something for a little bit more than it cost to make. They reinvested that bit, and grew the business. Eventually they got big enough that they went public. Their stock was valued on their profits.
 Apparently, those days are over. Selling something for more than it costs to produce is overrated. Profits are for suckers.
 This started during the last Bubble in the 1990’s. It became common for companies to go public while they were still losing money. Then the crash came in 2001. For a while, companies again needed to be profitable before going public. But in the ensuing decade, the public markets eased up on that restriction. For a period, companies merely needed to go public with a plan to reach profitability. Today, even that plan is no longer required. We do not have the historical data to back this up, but it seems pretty likely that the number of high-profile companies with little or no profitability is at some kind of historical high.

Related: Redfin S-1.