The slow resurgence of the technology IPOs – Clearwire and BigBand Networks – has raised the hopes of many Silicon Valley companies that are hoping to use this window of opportunity and tap the public markets. Even those with shaky financial are looking at the market more optimistically.

Take Glu Mobile and Aruba Networks, two wireless companies focusing on different segments of the mobile ecosystem. The two companies are still bleeding red, but are hoping for mega-million dollars valuations, that could make even a raging optimist pause for a minute.

Aruba Networks, Sunnyvale, Calif.-based company that makes and sells enterprise WiFi equipment is looking to sell 8 million shares and raise between $64 to $80 million. At the high end of the offering price, the company could be valued over $750 million.

Ambitious for a company that had $51 million in revenues for six months ending January 31, 2007 and with a net loss of $11.7 million. As of January 31, 2007 – the company had accumulated deficit of $88.5 million and has always been in the red. Aruba’s competitors: Cisco Systems and Motorola not to mention a potpourri of other start-ups.

Glu Mobile is another one hoping for a home run. The San Mateo, Calif.-based mobile games company is looking to sell 7.3 million shares and is looking to raise between $73-to-$87.6 million from the public markets. One of the big players in the fast growing mobile games market, it is still bleeding red. Their revenues for fiscal 2006 were shade over $46 million and a net loss of over $12.3 million. Yikes!

Now we are all for return of the public markets – after all they are still the most effective way for achieving liquidity, but taking unprofitables public might actually kill the golden goose. But hey, then market did value Clearwire at $4 billion, for ever so briefly!