It's an interesting "Game Theory" type game. The VCs keep finding Uber/Lyft because... they have a lot invested already, and the paper valuation is high; but each round is higher and higher stakes. Once these unicorns IPO's, after the lock-up period the VCs are somewhat free to exit (be careful about dumping). Once IPO'd and the VCs are out, who cares if they crash and burn!
But on the consumer side, we're used and hooked to the Uber/Lyft experience and prices. The experience can be duplicated with tech, the prices... not so much.
Here's an interesting blowback twist: let's say that on unrelated news TSLA crashes (I am a TSLA investor, so.. not wishing it), it would have ripple effect on the entire tech segment, closing the IPO window for a while. So, then what for Uber/Lyft?
Well same for Uber and we all knew that. It's just the business model (for now).
So, in a world where we are all used to Uber/Lyft and there's no turning back, the only way forward is for fares to go up, close to - if not the same - to conventional cab fares. Which will decrease usage, which will decrease the size of Uber/Lyft and therefore their market cap. Sounds like 1999
1/2 joking