It blows my mind how unprofitable so many of these companies are... especially once they are mature companies. Couchbase, Asana, Palantir, SumoLogic, Dynatrace, Slack, PagerDuty, Survey Money, Docusign, Dropbox, MongoDB, Sendgrid... these are companies that are *old*. They are well past their hypergrowth periods. They have more or less plumbed the depths of their markets and any future growth isn't going to come by getting new customers from the open market, but by having to compete toe-to-toe against competitors and pry customers away from them. It's the difference between Henry Ford selling cars to horse owners, and the current Ford Motor Company trying to sell Mustangs to Camaro owners, it's a huge difference. Once a market gets to that stage, if the market leaders can't make a profit... especially in the good years, never mind the lean years... is this actually a market that is real?

Like... if I can't make a profit selling ice cream on the beach despite being the biggest ice cream stand at the beach, all that says is that while people may love ice cream, no one loves it enough to pay enough for it to make selling ice cream a viable business.

There are a LOT of very un-viable businesses in this list, and at some point the stock markets have got to recognize this and say, "you are no longer a growth story, you should be a blue chip right now but you are bleeding cash like a growth company, if you are 'best of breed' then all of you deserve to fail" and pull the rug out.

J.Ja