CrowdStrike Just Had Its Best Quarter Ever. So Much for AI Disrupting Cybersecurity. But The Markets Want to See … Acceleration.
CrowdStrike at $5.25B ARR just posted its largest quarter of net new ARR ever — $331M, up 47% year-over-year. The first pure-play cybersecurity company to cross $5B in ARR. The first year ever above $1B in net new ARR. Record operating income, record free cash flow,...
DigitalOcean? It’s Up 12% in 2026. While The Rest of Software Is Down 24%. Here’s Why.
The IGV software ETF just entered a bear market. ServiceNow is down 50% from its highs. Salesforce and Workday have been crushed. And somehow, the little developer cloud that everyone wrote off is one of the only winners left standing. Let’s set the scene. It is...
Stripe’s Latest Data: Startups Are Growing 50% Faster, Compute Demand Drove ~50% of GDP Growth, 60% More Apps YoY, and More
Stripe just released its 2026 annual letter, and as always, it’s packed with data. But a lot of the letter covers stablecoins, agentic commerce protocols, and macro-economic commentary. All interesting — but let me pull out the 5 metrics that matter most if...
The 2025 IPO Class, Graded. Only 3 of 13 Are Above Water
Everyone said 2025 was the year the IPO window reopened. And technically, it did. 174 companies raised over $31 billion in the first half alone — the highest since 2021. But here’s what nobody wants to talk about: most of the B2B and tech IPOs from 2025 are now...
Canva Crosses a Stunning $4B ARR, Growing 35% (!). But What Would It Be Worth Today?
Canva just reported $4 billion in ARR per TechCrunch. And per COO Cliff Obrecht, it’s growing a stunning 35% $23M in 2018. $4,000M in 2025. 173x in seven years. It’s one of the most extraordinary B2B growth stories ever built — and it barely gets the...
SaaS Markets Have Crashed in 2026. But Is Private Credit the Even Bigger Risk?
We all know software stocks have entered a bear market in 2026. But the debt side of software might end up being a much bigger deal. IGV is down 23%+ year-to-date. $285 billion in market cap wiped out in a single day. Software P/S ratios compressed from 9x to 6x —...
Figma Just Hit $304M in a Single Quarter. Growing 40%. And Just Like That — SaaS is Back.
A lot of people counted Figma out after the Adobe deal collapsed. And then again as the stock price fell again and again post-IPO. They were wrong. Figma just reported Q4 2025 earnings, and the numbers are genuinely remarkable — not just for a design tool company,...
Shopify is Growing 30% at $11.6 Billion. The Stock is Down -28%. Is Nothing Good Enough Right Now?
Shopify remains on a total tear. The company just posted: 30% revenue growth at $11.6 billion $2 billion in free cash flow GMV accelerating to +29%, and guided Q1 to grow in the low 30s — above what Wall Street expected. They even announced a $2 billion buyback. And...
Who’s Left In the 10x ARR Club? The Incredible Shrinking Elite of Public B2B Companies Still Trading at 10x+ Revenue. But … The Best Is Yet To Come.
There used to be a lot of companies in the 10x ARR Club. In Q4 2020, 60% of public B2B companies traded at 10x revenue or higher. Thirty-five traded above 20x. Asana hit 89x. Today it’s at 3x ARR.The median SaaS multiple was north of 18x. That world is not just...
CS Disco at 1x ARR. Harvey at 110x. Same Industry. Is This the Future for Pre-AI SaaS?
I’ve been tracking CS Disco (NYSE: LAW) since I was the first investor in a legaltech eDiscovery competitor to it, Logikcull, way back in 2015. They IPO’d and then in 2021, and we wrote about them when they hit $120M in ARR. Back then, the stock was...
Atlassian Is Growing 23% at $6.4B in Revenue. RPO Is Accelerating 44%. And the Stock Is Down 70%. What’s Really Going On.
Atlassian just reported its Q2 FY26 results, and they’re fascinating on multiple levels: $6.4B+ ARR, $1.6 billion in quarterly revenue, up 23%. Atlassian is accelerating (albeit modestly) — up from 20% growth Their first-ever $1 billion cloud quarter. And...
Two IPOs, Six Weeks Apart, Opposite Outcomes: 5 Lessons from Wealthfront’s Slide and EquipmentShare’s Pop
The IPO window is open again — kind of. IPOs are back, but even Figma is down from its IPO price. And two very different companies just walked through it with two very different outcomes. Wealthfront (WLTH) priced at the top of its range in December 2025 at...
Palantir: The Greatest Enterprise Software Company Of All Time Ever? Could Be.
Yes, the valuation is insane. 142x earnings. ~86x revenue. Michael Burry is short. The stock is down 15% this year. But the numbers Palantir just put up in Q4 2025 are unlike anything we’ve ever seen from an enterprise software company. Not even from Salesforce....
The #1 Conceit in B2B at Scale: Masking a Slowdown in Net New Customers
Why Covering Up Declining Customer Growth is the Beginning of the End I’ve seen this movie play out dozens of times now across hundreds of B2B companies. And it almost always ends the same way. The #1 conceit in B2B — the thing that kills more companies than bad...
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