Not lunacy at all if u understand what is priced in here.
And that is massive paying sub growth on the order of 20% a year for the next few years.
As soon as it looks like sub growth is flat lining, the party's over.
House of cards collapses, liabilities begin to overwhelm assets.
Either massive dilution near the previous bottom, or if junk bond market dries up, they quickly run out of cash and go BK.
Stock to zero.