[beambot]

20x Price-to-Sales (P/S) multiple on trailing-twelve-month (TTM) revenues is actually on high-end of of sub-$20B SaaS right now -- it's just the new reality. Examples from public markets:

Cloudflare ($NET) TTM revenue is $0.73B and $16.9B marketcap (23x P/S).

DocuSign ($DOCU) TTM revenue is $2.1B with $15.5B marketcap (7.3x P/S).

UIPath ($PATH) TTM revenue is $0.9B with $9B marketcap (10x P/S).

Okta ($OKTA) TTM revenue is $1.3B with $13B marketcap (10x P/S).

[upupandup]

> it's just the new reality

I wonder whether they are prepared for the next reality where these multiples is no longer sustainable.

[silentsea90]

What basis do we have to claim that even this isn't sustainable? If anything, I expect steady state multiples to be higher