The reason so many unprofitable companies are going public

As has been widely noted, 2019 is going to be a big year for tech IPOs. While certainly nothing like the massive 1990s wave of internet IPOs, this year will see a big run of billion-plus-valued Silicon Valley behemoths going public: Uber, Lyft, Zoom, Pinterest, AirBnB, and more. The twist is it's going to be the year of the billion-plus-valued but still unprofitable tech IPO. Pinterest, which went public last week, has yet to turn a profit. Same for Uber, whose IPO is still coming; and...