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It already has a product, a revenue stream, and most importantly, profits.

Keep in mind that revenues are going to drop in the near future, and those profits are going to turn into losses during the buildout of the TyCom Global Network.

From the S-1:

"We anticipate that the transatlantic portion of the first phase will be operational in the second half of 2001 and the remainder, consisting of the transpacific and European portions, by the end of 2002. We plan to fund the first phase of our network with cash from operations, a portion of the proceeds from this offering and funds drawn under our credit agreement with Tyco. We expect that the entire TyCom Global Network will be completed in approximately ten years and that it will span approximately 250,000 undersea kilometers, linking terrestrial networks on all six inhabited continents."

and

"During construction of the transatlantic portion of the TyCom Global Network, we may suffer significant operating losses.

"As we make capital expenditures and incur expenses to shift our focus from our current operations to our network, our system supply revenues are expected to decline in each quarter through June 30, 2001 and operating expenses are expected to increase during the construction of our network infrastructure, which may result in operating losses."
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