A public filing gives me a better document to read. It does not give me permission to stop being skeptical.
Revenue growth and large losses can coexist for good reasons. A young company may spend ahead of demand, invest in a durable advantage or build distribution that pays off later. They can also coexist because delivering the product is expensive and competition makes pricing difficult. The headline growth rate cannot tell me which explanation dominates.
I would look for the bridge from usage to gross profit, from gross profit to operating cash, and from operating cash to the investment required to keep the product competitive. If each new generation of capability demands another large funding round, the eventual margin assumption deserves particular attention.
The IPO itself can supply capital and public price discovery. It can also transfer a demanding set of assumptions to new shareholders. A successful offering proves that securities can be sold on particular terms. Whether those terms offer an attractive return is a different question. Monday’s enthusiasm was understandable. The prospectus is most valuable when it makes the argument more testable, not when its existence becomes the argument.