Shares in the market's tech darling, Xero, soared yet higher on Thursday to yet another record, taking the stock's gains over the past 12 months to nearly 250%.
The shares rose as much as 81 cents to $17.56 before easing to end the day at $17.49.
That's taken its market value to more than $2 billion.
That means the market is saying Xero is worth just slightly less than Sky Network Television and more than both TradeMe and Fisher & Paykel Healthcare, both of which are making annual profits $70 million - $80 million.
The accountancy software company has yet to report a profit, and lost $14.4 million in the 12 months ended March.