Imagine a startup with $12 billion of revenue, 125%+ YoY revenue growth (two years in a row), and Apple-esque gross margins (30-50%). Without knowing anything else about the business, what would you value it at? $50 billion? $100 billion? More? That’s Apple’s AirPods business, the fastest-growing segment of the world’s most valuable company. In 2016, when Apple released their first ever wireless e