I think simply enough nobody should ever purchase ownership in a firm at a IPO. There is clear data on how these things go, and you are getting a bad deal when you not dictating the price.

The company operations seem more robust then I would have though, I was surprised they are actually operating income positive. One should ignore the one time charges with the fluctuations in the fair value of the convertible note dent instruments.

Overall everything rests on firms outside tech sectors seeing quantitative increases in value to sustain such revenues and profits. For now the concentration in the cloud firms Is temporary as they build their own solutions.

The model layer is a commodity business with heavy capex requirements. I would not invest in such businesses as at a mature state they end up with utility like economics and are valued as such.