Markets are supposed to be efficient. At least, on the timeline that allows to price in probabilistically plausible valuations of the firms. Markets failed to be efficient at the time of the dot.com bubble. And, it appears, they are back at the same game:
As the chart above shows, share of IPOs issued at negative earnings (companies losing money) is now at the levels last seen during the height of the dot.com bubble. What can possibly go wrong?