You are correct, but the metrics of success have always been different in tech. Regular businesses would be considered failures if they had 10 years in the red. But if you get a "unicorn" valuation and manage to IPO without even making a profit, well, that's the dream for a lot of HN'ers. If somebody out there makes you a multi-millionaire based either on faith in your company or in their ability to shift the risk to the next sucker, who're you to say no?