&gt; The funny thing is that the entire taxi cab industry in the US was $11B in revenues. So to value Lyft at $5B with Uber having a massive amount of market share is defying simple math.<p>Not disputing valuations specifically, but<p>1) Company&#x27;s valuation would be a multiple of expected revenues. If you expect Uber or Lyft to survive for more than one year, then $11B is just the basis for multiple, not the maximum number.<p>2) There seems to be strong support for &quot;market expansion&quot; argument. People who take a significant number of Uber&#x2F;Lyft rides have not in the past taken significant number of taxi rides.<p>3) Uber has expanded internationally (Lyft chose not to), so a global taxi revenue would be a fairer number to start off.