> The company said its run-rate revenue has increased from around $1 billion at the beginning of 2025, to more than $5 billion in August.

So 10% of valuation for 1.5% of revenue, which grew 5x in last 6 months. Doesn't seem as unrealistic as you put it, if it has good gross margin which some expects to be 60%.

Also Google was valued at $350B when it had $5B revenue.[1]

[1]: https://companiesmarketcap.com/alphabet-google/marketcap/