4. Some Examples -- All at Same ARR
HubSpot: $2.5B ARR, growing 24%, 17% Margins,
$33B Market Cap (13x ARR Net of Cash)
Veeva: $2.5B ARR, growing 12%, 39% Margins,
$33B Market Cap (12x ARR Net of Cash)
DropBox: $2.5B ARR, growing 6%, 33% Margins,
Trading, $8B Market Cap (2x ARR Net of Cash)
5. The SaaS IPO Bar: Klaviyo and Rubrik
ARR at IPO Growth at IPO Market Cap
Klaviyo, Sep ‘23 $600,000,000 57% $6B
Rubrik, Apr ‘24 $780,000,000 47%* $6B
● Rubrik’s transition to SaaS makes the financials a bit confusing