Snapchat became public but it disclosed it doesn't make money. There's a significant amount of money it pays for its servers to outside organizations.
It may turn around and make money or it could become like many other high profile money losers with high valuations.
The bubbles in these stocks are interesting and provides an interesting market theory. Most investors don't touch these stocks but they are traded among the investors who do to a high market capitalization. Eventually, when it reaches a certain market capitalization, it has to be added to indexes like the Standard and Poors 500. At that time, the valuation goes higher and the risk averse investors inadvertently pays for a stock they would never buy. Eventually, the company proves that it can't make money and stock plummets while it's still in the index. The original speculative investors may have gotten out by that time and the passive investors are left with the losses.
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