The article also misses the value of intangible assets and strategic options. Unit economics might be negative for now but who knows what a company might be doing in the future. Of course there might be wildly overvalued companies but may be negative unit economics can be seen as an investment in operational scale -- not diluting fixed costs but actually getting to scales where the economics change and new strategic options become viable. (Example: Uber moving from hailing to self-driving cars, obviously.)