I just published History of Public SaaS Returns and Valuations medium.com/p/history-of-publ…

I just published Zoom IPO | S-1 Breakdown medium.com/p/zoom-ipo-s-1-br…

If you're a late-stage software company with $300M+ of last-twelve-months revenue, a compelling AI story, and growing 40-50% with strong unit economics, the public markets are now wide open :).

The revenue from just the AI Labs (publicly reported figures from OpenAI and Anthropic), along with the public AI infrastructure companies, has already eclipsed all public SaaS revenue in 2024 (Nvidia's datacenter revenue drives most of the growth). It will almost double public SaaS on a net new revenue basis this year. And these figures don’t include private AI companies, which would even further show the spread. It’s clear that the current set of 100+ public SaaS companies is not yet seeing revenue growth in their AI offerings, and for the most part, AI demand is happening where they are not.

I couldn't be more excited to get to work with the @MeritechCapital team!

Vertical software company @ServiceTitan ($TTAN) filed for an IPO, the 3rd SaaS company of the year. They’re almost $800M in ARR growing 25% year-over-year and should be trading in the next few weeks. $TTAN’s performance should be a barometer for the dozens of other SaaS IPOs thinking about the public markets. More in our post in the link below. Thanks @amdecamillo, @ausw2000 and @danKnightNews1

See below the 2019 Review of High-growth SaaS IPOs: meritechcapital.com/blog/201…

I just published Datadog IPO | S-1 Breakdown medium.com/p/datadog-ipo-s-1…

ServiceTitan ($TTAN) updated their S-1/A with a pricing range of $52 -> $57/share. At the midpoint, that represents a ~$5.5B market cap on a fully diluted basis. That is 25% below their last round Series H price of $72.50/share and 54% below the peak ZIRP valuation of $118.96/share ($9.5 billion). On a multiple-basis, that's ~7.5x current ARR, which is roughly the public software median of 7.2x. While the eventual IPO price and ARR multiple are likely higher (bankers always create a "pop"), this range is below what I would have expected. Investors might not buy the durable growth and margin story given the business is growing ~25% year-over-year and only breakeven with forward projections to be lower. The question is, how do they grow at the same rate but with higher free cash flow margins? With the compounding ratchet in effect, the company dilutes another ~4% at the midpoint. Thanks @ausw2000 & @amdecamillo See an AVP (analysis at various prices) which shows all the share prices below:

Given that the IPO window could open soon, we thought it was the right time to analyze what it might take for a SaaS company to go public in today’s market. Moreover, there is a narrative that a business must be close to $1B of ARR to go public. We believe that is no longer relevant. For businesses that are $250M+ in ARR, growing quickly and durably, and with strong margins, now is the time to start thinking about the public markets. There is precedent for “smaller” IPOs that were massively successful in companies like CrowdStrike, Datadog*, HubSpot, Shopify, and others. Importantly, deciding to IPO isn’t just about financial profile, so we’ve included questions management teams should ask themselves to help determine if they are ready for the public markets. meritechcapital.com/blog/202…

What is the new normal for public SaaS valuations? Only 17 public SaaS companies trade >10x ARR. @MeritechCapital analyzed the financial + operating metrics of these 17 companies to show what it takes to be a member of The 10x ARR Club in 2023. meritechcapital.com/blog/the…

Excited to share Meritech Insights, one of the most comprehensive free repositories of public company metrics. Thanks to my colleague, @amdecamillo for helping make this happen. meritechcapital.com/blog/sha… meritechcapital.com/insights

Check out the market section presentation from @MeritechCapital's 2024 Annual Meeting. We cover the public and private markets and the opportunity in AI. Some of our favorite slides in this thread and link to full preso below: drive.google.com/file/d/1-FP…

Just published the @ncino (nCino) IPO | S-1 Breakdown. meritechcapital.com/blog/nci…

1/ Intro The software IPO window in 2025 is officially open. We did a summary below, thanks @amdecamillo + @ausw2000. SailPoint ($SAIL) is the first software IPO to file in 2025 and will likely be the start of many others. The company is over $800M in ARR, growing 30% year-over-year, and could be worth $8-10B when they start trading in a few weeks. SailPoint filed a few days ago with Morgan Stanley leading the offering. Thoma Bravo owns SailPoint, and this will be the 2nd time Thoma has taken them public. Thoma acquired the company in 2014 for an undisclosed sum, took them public in 2018, and bought them back in 2022 for ~$6.3B total purchase price and at 13.6x NTM (next-twelve-months) revenue, which was quite expensive at the time and even today. Even so, they should make money here and have paid down debt since their last acquisition (although we can’t glean how much). SailPoint was founded in 2005, is based in Austin, Texas, and has ~2,600 full-time employees. SailPoint offers an identity security platform for enterprises (Gartner calls their market Identity Governance and Administration). Given every breach starts with the identity of a machine or person, SailPoint covers all of these. And since the last IPO, the company has transitioned to the cloud vs. on premise and calls their platform the SailPoint Identity Security Cloud. The company estimates their market size is $55 billion. SailPoint competes with IBM, Microsoft, and Oracle, which offer identity solutions within their product portfolios and identity-centric solution providers, including CyberArk, Okta, and One Identity. Emerging startup competitors include Veza, ConductorOne, and Oleria.

It's correlated to growth but not to multiple.

1/ Becoming a multi-product company is a consideration for many software businesses and an area of increased focus in today’s market environment that emphasizes strong growth and efficiency. The most successful companies have executed on a multi-product strategy.

See below the 2020 Review of SaaS IPOs: meritechcapital.com/blog/202…

Wiz is the largest venture-backed sale at $32B (assuming it closes). If Wiz was 1/2 --> 2/3 owned by investors, which is pretty standard at that stage, that's $16-21B. $21B to investors would represent ~33% of all venture distributions in 2023 from one company. The private markets are increasingly dominated by grand slam outcomes from market leaders vs consistent base hits.

ServiceTitan ($TTAN) priced at $71/share which implies a $7.1B fully diluted equity value (their ratchet was in effect with this share price). Assuming TTAN grows revenue by 20%, they priced at ~8x NTM (next-twelve-months) revenue and ~9x ARR. The company traded up 42% today and closed at $101/share or $10.1B in fully diluted market cap. From a multiple perspective, that represents ~11x NTM revenue and ~12x ARR. The Series H redeemable convertible preferred shares converted to ~7.1M shares at IPO due to the compounding ratchet. These incremental shares represent ~1.5% dilution at IPO. While TTAN is not yet a rule of 40 business, it's clear public market investors are excited about software IPOs and TTAN should be a positive sign for scaled, fast-growing private software companies as they think about the public markets. Below are the disclosed investor stakes at the $101 closing price:

I just published PagerDuty IPO | S-1 Breakdown link.medium.com/EmW8fxR0aV

Hinge Health ($HNGE) started trading and is worth ~$3.5B (up about 20% from pricing). The company priced at ~$3B market cap and ~6x ARR / run-rate multiple. Hinge is a ~$500M ARR / run-rate revenue business, growing 50% year-over-year, 80%+ gross margins, is profitable, and has 10%+ free cash flow margins — objectively a very strong growth and financial profile. Even so, the company is trading at ~7x run-rate revenue. The public markets can be a sobering reality on valuation multiples, even for companies with strong growth + margins. Kudos for the company pushing forward and getting public, though.

Some cool charts from @MeritechCapital on the recent SaaS pullback, case studies from the Great Recession, and a framework for the future. Thanks Anthony DeCamillo and Dan Knight. meritechcapital.com/blog/202…

Summary of current SaaS/Cloud valuations and Q1 Earnings Recap. Forward multiples for SaaS companies are now at an all-time high🚀📈. meritechcapital.com/blog/q1-…

Netskope ($NTSK) @Netskope filed for an IPO, making them only the 2nd pure-play software company in 2025 behind Figma’s blockbuster IPO. In a world where companies like Databricks can raise billions at $100B+ valuations, Netskope is opting for the public markets. While they are not the fastest-growing (or most efficient) company at $700M+ in ARR, growing ~30% and still burning money, it’s a good time to be going out as the only other venture-backed software IPO except Figma in 2025. If they trade well and get a strong “IPO pop”, the company could exceed their 2021 post-money valuation of ~$7.5B post. The company does stretch the boundaries on some of their efficiency metrics. For example: 1) gross revenue retention does not include contraction, 2) they introduce a new set of metrics called “incremental gross margin” and “incremental operating margin” which is an attempt to show operating leverage, and 3) it appears much of their increase in free cash flow margin comes from billing changes. Even so, being the first venture-backed software/infrastructure company behind Figma is a good place to be, and they should generate significant demand. The “IPO pop” will determine if they get past their 2021 series H post-money valuation of $7.5B. My partner @ausw2000 and I did a write-up on their S-1: Here is the web version: docs.google.com/presentation… Here is the downloadable PDF: drive.google.com/file/d/1Ofm…

CoreWeave ($CRWV) is up 4-fold (300%+) since pricing its IPO at $40/share in late March. It’s clear the public markets (and especially retail) want AI exposure and few pure plays in the public markets. $CRWV is also growing fast — they did $1.9B in revenue last year, up almost 750% year-over-year.

Just published the @procoretech (Procore) IPO | S-1 Breakdown. meritechcapital.com/blog/pro…

I just published 2018 Review: High-growth SaaS IPOs medium.com/p/2018-review-hig…

Just published the @coinbase ($COIN) IPO | S-1 Breakdown. meritechcapital.com/blog/coi…

Excited to partner with @richwaldron and the entire @tray team! 📈 medium.com/spark-capital/wel…

I just published Cloudflare IPO | S-1 Breakdown medium.com/p/cloudflare-ipo-…

Just published the @BigCommerce (BIGC) IPO | S-1 Breakdown. meritechcapital.com/blog/big…

Rubrik ($RBRK) is the first SaaS company to file for an IPO in 2024. $RBRK is an almost $800M ARR business growing almost 50% year-over-year, the fastest LTM ARR growth rate among all current public SaaS companies. A lot more here: meritechcapital.com/blog/rub…

See below @MeritechCapital's report on the 2021 Cohort of High-growth SaaS IPOs. 27 companies that are cumulatively worth almost $250B. meritechcapital.com/blog/202…

Just published the @JamfSoftware (Jamf) IPO | S-1 Breakdown. meritechcapital.com/blog/jam…

I just published “Dropbox IPO | S-1 Breakdown” medium.com/p/dropbox-ipo-s-1…

I just published CrowdStrike IPO | S-1 Breakdown medium.com/p/crowdstrike-ipo…

1/ We share observations about the current platform shift toward AI and its potential for disruption. Although, it’s never been a better time to be a market-leading public SaaS company. They are more valuable and efficient today than ever over the past decade. The top 10 median market cap and ARR multiples are below.

Just published the @SumoLogic (SUMO) IPO | S-1 Breakdown. meritechcapital.com/blog/sum…

Just published the @Affirm ($AFRM) IPO | S-1 Breakdown. meritechcapital.com/blog/aff…

(Part 2/2) Summary of current SaaS/Cloud valuations and Q1 Earnings Recap for all companies (including Apr-30 quarter ends). Forward multiples are even higher today. meritechcapital.com/blog/pub…

I just published “Domo IPO | S-1 Breakdown” medium.com/p/domo-ipo-s-1-br…

I just published “Public SaaS / Software Founder & CEO Benchmarking | Equity, Age, Comp” medium.com/p/public-saas-sof…

I just published Medallia IPO | S-1 Breakdown medium.com/p/medallia-ipo-s-…

Congrats @HashiCorp $HCP on their filing and upcoming IPO. Analysis below: meritechcapital.com/blog/has…

Public software has been down significantly since the February 28th "peak." The top 10 highest-valued companies are down the most. The top 10 median revenue multiple rose almost 60% and has returned to the pre-election median. The median revenue multiple of the entire index rose more moderately at 10% but is now below the pre-election median.

Congrats Tray.io and @richwaldron on this funding milestone! 🚀🚀🚀🚀🚀 Onwards! techcrunch.com/2019/11/26/tr…

I just published “Qualtrics IPO | S-1 Breakdown” medium.com/@alexfclayton/qua…

The most innovative companies in the world are using @framer to design, publish, and manage their websites. AI is accelerating the move to low-code approaches and Framer is taking advantage. @MeritechCapital is excited to further support Framer on their mission to be the leading website design platform. Excited to continue to work with @koenbok, @jornvandijk, and the entire Framer team.

I just published “Pivotal Software IPO | S-1 Breakdown” medium.com/p/pivotal-softwar…

I just published “MongoDB IPO | S-1 Breakdown” medium.com/p/mongodb-ipo-s-1…

Databricks announced they're targeting a $3.7B revenue run-rate ending this quarter, growing 50% year-over-year. That would make them the fastest-growing infrastructure company in the meritechanalytics.com (public software companies) data set.

1/ While venture capital is increasingly dominated by power law companies, i.e., very few companies drive a large share of the industry’s overall returns, the same is true in the public markets. The number of public software companies has grown from ~35 in 2014 → ~125 today (+3.6x), and the total market cap of these companies has grown from ~$200 billion in 2014 → $2.6 trillion today (+13x). Even with more companies at greater scale, only a handful of these companies are responsible for driving the index’s total returns every year, and the trend is becoming more pronounced over time. The following analysis compares the average annual intra-year returns of the top 5 highest returning public software companies in each of the last 10 years against the average intra-year returns of the rest of the public software index. The average return of the top 5 was almost 300% in 2024 and has dropped below 50% in only 3 of the last 10 years. The rest of the index is lagging. While public software is arguably the fastest growing sector in the world, if you aren’t invested in the winners, i.e., top 5 each year, you don’t even beat the NASDAQ ($COMP) over the past decade. The NASDAQ has had a 17% IRR vs. a 14% IRR for public software (less the top 5) for the past 10 years and has beaten all software (less the top 5) in 7 of the past 10 years.

Meritech is excited to partner with @koenbok, @jornvandijk, and the entire Framer team on their mission of creating a new standard of web design. If you're building a site, check it out!!! framer.com/feed/series-c

We’re pumped to work with @ioates and the @JustworksHR team!! 📈💥🚀

We’re thrilled to work with @medinism and the @outreach_io team on this next phase of growth! 📈🚀

Some examples of "smaller" IPOs have done incredibly well.

Meritech is fortunate to partner with Woody, Rohan, and the entire Extend team. @HelloExtend is one of our fastest-growing businesses and a critical component of the next-gen eCommerce infrastructure market. And hiring in all areas! 🚀🚀🚀🚀🚀🚀 extend.com/careers

Google launched firebase.studio...a Lovable, Bolt, and v0 competitor. It took Google 9 years to create a Calendly-like tool in G-Suite, but in a matter of months, it released a competitor to the fast-growing AI-app builders.

The SailPoint ($SAIL) IPO should encourage later-stage software and tech companies with hundreds of millions in revenue / ARR, predictable growth, and strong unit economics to consider entering the public markets—the window is open in 2025. SailPoint began trading on the Nasdaq last week as the first software IPO of 2025 and the largest software IPO since 2021. The company priced at the top of its revised range, closing last Friday at $24.55 per share. It has a $14.1 billion enterprise value and a 17x current ARR multiple, placing it among the top 10 public software companies by ARR multiple. While private markets have accelerated dramatically in early 2025, the IPO market has only seen one debut so far: SailPoint. ServiceTitan ($TTAN) priced in December of 2024. It’s clear public market investors are eager for new IPOs, and SailPoint should be the first of many this year. SailPoint ended last quarter at $813M in ARR, growing 30% year-over-year with a 14% LTM adjusted operating income margin. They’re a rule of 40 company. Thoma Bravo owns ~85% of the company; this is the 2nd time they have taken them public. It will be interesting to see how Thoma exits their current ~$12B+ of shares in the coming years.

I just published “Smartsheet IPO | S-1 Breakdown” medium.com/p/smartsheet-ipo-…

I just published “Elastic IPO | S-1 Breakdown” medium.com/p/elastic-ipo-s-1…

1/ Chime (CHYM) is planning to IPO in a few weeks and is quite the business. $2B+ in revenue run-rate, almost 9M members, and a ~$250 ARPU. Chime has also been able to increase revenue growth and margins at the same time over the past 2 years. What will they be worth? They *might* reach their 2021 peak valuation of $25B. The output below pegs them on an implied NTM (next-twelve-months) range of gross profit multiples. For example, Robinhood ($HOOD) trades at ~13x gross profit but is growing faster and more profitable.

Very few companies can reduce headcount and dramatically increase revenue growth. It’s becoming more possible with AI, and Robinhood ($HOOD) is one of the best public company examples of operating leverage through the use of AI, keeping dilution in check, and incredible execution from the team (+ market tailwinds). $HOOD went public at the peak of the ZIRP market in 2021 at $38/share and traded down to $6.89/share during the market crash in 2022. Since then, their stock has increased by 1,460%, but what's even more remarkable is that the annualized revenue has grown by 211% over 12 quarters, while headcount has decreased by -27% during the same period. Quote from Vlad Tenev, CEO, after Q2’25 earnings: “I would also just add that two of the areas that have been critical to our business sustaining the rate of innovation and customer adoption of our products have been engineering and customer service. And both of those areas are probably very, very…I mean, we’ve invested early and aggressively in using AI for both of those, and it’s having tremendous results…of course, we’re looking at other areas as well, but those are the two that really move the needle for our business. And that’s a big part of why we’ve been able to demonstrate this growth while keeping OpEx relatively flat.” The company has also reduced their share count through buybacks, therefore reducing dilution from hiring fewer people. Since massive increases in growth and margin resulted in $HOOD trading at a much higher multiple, they also created even more currency to hire the best people — the best of both. The founders also cancelled a 2021 stock award that totaled 35 million shares (worth ~$3.8B today), further reducing dilution. It’s not to say companies shouldn’t hire, but rather they should double down on hiring the best people and leveraging AI to gain operating leverage. It can be done, even as a 3,600-employee public company that had declining revenue and a falling stock price...check out a few of their charts. Revenue growth + increased operating leverage (through great FTEs + AI) = higher multiples / higher returns

Political violence has no place in our country. Praying for President Donald Trump.

I just published “SendGrid IPO | S-1 Breakdown” medium.com/p/sendgrid-ipo-s-…

Really enjoyed speaking with @HarryStebbings on @twentyminutevc. Thanks so much for having me! bit.ly/20vcitunes thetwentyminutevc.com/alexcl…

I just published “Tenable IPO | S-1 Breakdown” medium.com/p/tenable-ipo-s-1…

Palantir ($PLTR) is currently the most valuable public software co at ~$315B market cap, and trades at almost 100x run-rate revenue / ARR. The next nearest company is CrowdStrike ($CRWD) at 25x. Alex Karp's (CEO) quote from the Q1'25 investor letter: Our financial performance, that crude yardstick by which the market attempts to measure worth in this world, continues to exceed many of our greatest expectations. Crude or not, unbelievable performance...

5/ Entire post and presentation are below. Thank you Tanner, @danKnightNews1 and @amdecamillo. meritechcapital.com/blog/mul…

Very insightful from my partner @MaxMotsch.

I just published “DocuSign IPO | S-1 Breakdown” medium.com/p/docusign-ipo-s-…

I just published “Adaptive Insights | S-1 Breakdown” medium.com/p/adaptive-insigh…

Crime should not be the cost of modern society and @Flock_Safety is bringing in this future, today.

Congrats @Braze ! Excited to work with @billmag @jon_hyman Myles and the rest of the team 🚀🚀. Another great milestone for the company.markets.businessinsider.com/…

I just published “SurveyMonkey IPO | S-1 Breakdown” medium.com/p/surveymonkey-ip…

Excited to work with @ShlomiBenHaim and the whole @jfrog team!! 🐸🐸🐸🚀🚀 📈📈. medium.com/@alexfclayton/par…

Praying for Israel today and always 🇮🇱

I just published “Zuora IPO | S-1 Breakdown” medium.com/p/zuora-ipo-s-1-b…

Some cool charts from the @MeritechCapital Software Pulse: a recurring update on the $2T public SaaS industry. Read below to dive into best-in-class public SaaS company valuation drivers and KPIs. Thanks @amdecamillo, Tanner, and @danKnightNews1 meritechcapital.com/blog/mer…

Excited to partner with @HannoRenner and the entire @PersonioHR team!!! 🚀🚀🚀📈📈📈📈

Congratulations to @HelloExtend, @WoodyLevin, and the entire Extend team. @MeritechCapital is excited to continue to support the company and their mission of bringing product protection to all merchants.

Excited for the next phase of @Flock_Safety and a safer America. @glangley and the entire Flock team continue to move the goalposts of what's possible. flocksafety.com/articles/flo…

I just published “Anaplan IPO | S-1 Breakdown” medium.com/p/anaplan-ipo-s-1…

Excited to continue to support @Flock_Safety's mission to reduce crime and make cities safer. Congrats @glangley and the Flock Safety team! 🚀🚀🚀

I am very grateful to Goldman Sachs and @GGuptaSF, @krisfredrickson, @kshenster, @mcmiller00, and many other associates and VPs for teaching me how to make great Excel charts, in G-style, of course. It's a completely underappreciated skill set.

I just published “Pluralsight IPO | S-1 Breakdown” medium.com/p/pluralsight-ipo…

Public markets want growth *and* efficiency. Unfortunately, many of the smaller companies don't have efficiency (yet). Many are smaller, not profitable, and have the same revenue growth rates at ~20% as the largest, but have a 0 Rule of 40 vs. 41 Rule of 40 for the $3B+ revenue businesses. So as an investor you can buy the same growth rate with significantly more margin with the largest businesses. The Rule of 40 line for these companies goes up with scale. Also note that many of the smaller companies IPO'ed in 2021 and would not likely make it out in today's market with their current unit economics.

Hinge Health ($HNGE), a software and hardware (+AI) digital health company focused on MSK, filed for an IPO, the second tech IPO of the year. They have raised ~$850M, with the most recent round led by Coatue and Tiger during peak 2021 ZIRP (zero interest rate policy) at a $6.2 billion valuation. It could be a "down-round IPO." While in the digital health space, the metrics look like a software business with recurring revenue, high gross margins (~80%) and net dollar retention of 117%. Hinge has 2,256 clients and 532K members. A few metrics: LTM revenue of $390.4M, growing 33% YoY. $469M of implied ARR, growing 44% YoY. The average client pays $200K+/year. Hinge had an 18% non-GAAP operating margin and a 12% free cash flow margin in the most recent quarter. Hinge is a Rule of 55 business, and all of their key metrics are improving. How much will it be worth? With $390M of LTM revenue and assuming they expect to grow 25% over the next 12 months (NTM) and trade at 10-12x NTM revenue, that’s a $4.9-$5.9B business, still below their last round price of $6.2 billion in 2021. It could trade higher, but it’s been almost 4 years to catch up to the last round, even with incredible execution…multiple compression is real as they were probably ~$100-150M of ARR when they raised their last round (40-60x multiple). Even if Hinge prices below the last round, a “down-round IPO” is irrelevant to the long-term value creation opportunity…what matters is durable growth.

3/ HubSpot is a perfect example of what getting it right looks like; the company went from a little over $100M of ARR at IPO to almost $2B today in 9 years. 60%+ of customers are using multiple products and NDR increased from 83% at IPO to 110% today.

Some analysis (and cool charts!) from @MeritechCapital on Durable Growth: the most important lever for long-term value creation for public SaaS companies. Thank you @amdecamillo and @danKnightNews1. meritechcapital.com/blog/dur…

Klaviyo $KYVO will be the first SaaS IPO in almost 2 years and one of the fastest-growing and most efficient public SaaS businesses when they start trading. A summary is below. Thanks @amdecamillo, Tanner, & @danKnightNews1 meritechcapital.com/blog/kla…

I just published “ARR Growth for SaaS IPOs” medium.com/p/arr-growth-for-…

I just published “SaaS IPO Net Dollar Retention Benchmarks” medium.com/p/saas-ipo-net-do…

The pace of growth and demand for AI today is dramatically outpacing the hyperscalers’ revenue during the move to the cloud and SaaS. While the hyperscalers (AWS, Azure, and GCP) were primarily the infrastructure underpinning the move to the cloud, NVIDIA’s ($NVDA) HPC & datacenter revenue, which is mainly driven by the explosive demand for AI training and inference, is a great proxy for the growth in the AI market. The chart below plots the hyperscaler's revenue (AWS, Azure, and GCP) and NVIDIA’s HPC & datacenter run-rate revenue indexed as they crossed around $10B. $NVDA’s HPC & datacenter run-rate revenue is almost $160B, growing 70%+ year-over-year, and is now ~65% of the total hyperscaler run-rate revenue (AWS, Azure, and GCP). The total hyperscaler revenue run-rate is ~$240B, growing a little over 20% year-over-year. At this pace, NVIDIA’s HPC & datacenter revenue will likely be larger than the total hyperscalers’ (AWS, Azure, and GCP) revenue in a short time 📈

Just published the @mondaydotcom ($MNDY) IPO | S-1 Breakdown. meritechcapital.com/blog/mon…

Here you go, @eladgil :). 122 companies...76 had founders who were still the CEOs at time of S-1 filing, & 46 had non-founder CEOs. A nuance is Qualys, CEO was not listed as a founder in S-1 but owned 40%. But median of founder + CEO is 14.1% and median for non-founder is 4.2%

Just published the @confluentinc ($CFLT) IPO | S-1 Breakdown. meritechcapital.com/blog/con…

2/ We consolidated perspectives on the benefits and risks of multi-product expansion and used HubSpot as a case study – it’s one of the best examples of multi-product success going from $900M of market cap at IPO to $21.5B today. There are more ways to win with multiple products.