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"From what I'm seeing, the entire US Taxi/Limo market is $11bn in value." That sounds incredibly low. That's twice the value of KING, and cabs are a lot bigger than Candy Crush.

Maybe you mean the market is $11bn/year in revenue (or even in profits)?

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Right, it's $11bn/year in revenue, averaged over 5 years. Is that not usually used in determining the value of a given market?

Yes, but you're comparing a company (Uber) with an annual revenue number ($11B), which is one property of a market.

For comparison, Apple is currently worth around $565B, but its revenues were $176B in the last 12 months. Chipotle is worth $17B, but its revenues were $3.4B over the last 12 months.

A firm's revenue and its value are related, but usually not equal.

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