It's all based on growth. You can't value it like an established company.

"When Twitter went public in 2013, it was valued at $24B — 12 times higher than Times market cap. Twitter was losing money while the Times earned $133M the same year. Why do startups have such big valuations? The answer is: cash flow. It is different between high-growth startups and low-growth businesses. Startups would usually be profitable in the future. Startup’s main metric is growth."[1]

[1] https://medium.com/@paulmillr/zero-to-one-summary-8dbda22e15...