Affirm is a $21.4 bil company and the only available research is that it is not currently profitable. Therefore the SP is predicated on future success and investors being able to pass the shares on to the next person with a higher set of beliefs.
A good case study is ZIP when it was $12 plus, and investors were expecting to keep going higher, despite all the available evidence. It went to 25.5 cents and now, despite slightly different circumstances, investors are willing it to go into the stratosphere on the promise of future success. It is a totally different style of investing - rather than financially based, it is betting purely on human behaviour.
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