[guiambros]

Average S&P 500 P/E is hardly a good proxy to evaluate a nascent, fast-growing, enterprise technology company. The "E" part of the ratio is still too small to matter.

Salesforce.com hit 6100x P/E in 2011. Facebook had 3500x P/E in 2013 (now at 100+). LinkedIn was over 950x until recently (now 770).

Bottom line: as any other IPO, the valuation is not a reflection of how much the company is worth today, but what the company will be worth in the future. That's why growth is so important for them, and building a successful sales team is the single most important thing for Box now.

They have the model, and it's proven scalable. Now they have to just execute it. Before everyone else.