All of them, except maybe Pinterest, have clear functioning business models, and even Pinterest seems like a safer prospect than Snapchat given that it has already successfully accomplished a decent amount of monetization.
None of those things mean that the current valuation is warranted. Uber for example is valued at 120B. That valuation likely rests on them being able to monopolize autonomous drivers, which isn't likely.
Otherwise, they're only profitable in some markets and have gotten regulated out of others. That leaves them with the options of scaling back or running at a loss. Neither if those confidently signal "value me higher than Costco or Adobe".
No, it's valued at 70 billion. Though at that valuation according to https://www.levels.fyi/2018 numbers, its compensation is below other top paying companies, so it would likely have to IPO at something like its target 120 billion IPO to beat other companies' compensation.
Uber already has more net revenue than Adobe. It has slightly negative profit margins but is growing significantly faster than Adobe, suggesting that there is plenty of room to let off the gas and let profitability take over at the expense of rapid growth.
In that light, it seems perfectly reasonable that it would IPO at a valuation similar to Adobe.
