Kind of a straw man argument isn’t it? You don’t have to run a company to understand how to value businesses, or that when we are in a bubble Wall Street will try to push out any poop thru an IPO.
In this case, they are nowhere near profitability. They need the IPO to forestall bankruptcy, they are 12 months from running out of cash. Their profit margin is still a massively negative -35%. There are no signs this business can ever be significantly profitable.
And if that’s not good enough for you, companies I’ve founded have raised over $20M in VC funding, and one was 2 months from an IPO we pulled because though we were profitable our growth had fallen to “only” 20%. We sold that business for $100M to a public company.
I find it strange that you say they aren't growing fast enough but yet say they don't make any money when they are delaying profits precisely for growth. Have you ever actually started or run a business?