Well, Silly Con Valley scams are magically exempt from Blue Sky laws, so they can claim nearly and valuation they want for it. That's why they 'donate' so much money to pols, especially Democrats and commie pols.
It's essentially only really worth whatever the real estate and office furniture would fetch at a fire sale. Most 'private equity' firms aren't using their own personal money to buy these scams so they don't really care what they pay for them, since they're just going to unload them on some suckers. Most pay per click rackets are frauds.