But the question is not so much if they can IPO at those prices but rather if the valuations are sustainable over a couple of years. If they are priced to perfection there isn't much left for public investors besides huge risk that something might not work out 100% as expected.
I mean, yes. You are raising points, using Wall Street lingo, that are rightfully raised about every IPO, ever.
To be clear: I do not have a financial interest in this, and will not be buying the IPO. I very much am just describing the world as it is.