[j_shi]

Actually seems Databricks got a great deal for Mosaic. Real qustion is why Mosaic took it v. hold out or do another round

Rough math plugging in public #s and comments here:

- All stock deal at Aug 2021 val of 38B (1B ARR)

- Assume rev doubled to 2B (which may even be aggressive)

- SAAS multiples are down 6x since Aug 2021

- 38B x 2 / 6 = $12.7B

- 12.7B / 38B * 1.3B = 434M = effective price

- Assume 100M to pref stock

--> Comes out to 334M, with a chunk of that (1/3? 1/4?) potentially subject to earn out

[j_shi]

Realized there's probably pref on Databricks too, which would further lower the value of its common. On the other hand, there could have been a markdown from the 38B since August '21