At this point there are no public signs that investors are getting nervous about the company's inability to stop or even slow the cash drain. And they don't appear to have any illusions of ever turning this into a profitable enterprise.

... [But] In the end, there is always the public to bail out private investors. A company offering its shares to the public in what would be the most over-hyped IPO of all times doesn't have to be profitable and doesn't have to have a path to profitability for as long as they can keep raising new money to burn -- see Snap, Twitter, and Tesla.

With the interest rate environment already starting to reverse in the past year, how long until the tightening propagates up to the rarefied airs of venture financing?

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