How does this not sound like a Ponzi scheme?
"2U's central narrative to investors was that, although its business was not yet profitable, it had expanded rapidly and would continue to do so, with sustained annual revenue growth exceeding 30 percent, until it reached a “steady state” of over 190 programs with hundreds of students enrolling each year, garnering $3 billion in annual revenue, at which point it would become profitable."
https://casetext.com/case/in-re-2u-inc