While Most B2B Companies Are Decelerating, Cloudflare Just Had Its Best Quarter Since 2021. 10 Numbers That Explain Why
Most public B2B companies right now are either decelerating or apologizing for it. Cloudflare is doing the opposite. In Q4 2025, Cloudflare reported $614.5M in revenue, up 34% year-over-year — on top of already being a $2.4B+ ARR business. That’s not a small...
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,...
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...
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...
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...
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....
OneStream Goes Private, Navan at 4x ARR: Are The IPO Markets Really That Open?
So this week, OneStream announced it’s going private. Just 17 months after its IPO. Let that sink in. KKR took OneStream public in July 2024 at a $6 billion valuation. The stock opened 29% above its $20 listing price. Everyone celebrated. The IPO window was...
5 Interesting Learnings From Motive at $500,000,000 ARR. And The Match Up With Samsara.
Motive filed its S-1 to IPO, and now we can finally see the real numbers behind one of the fastest-growing fleet management companies ever built. And with somewhat direct competitor Samsara trading at a ~$20B market cap and just hitting GAAP profitability for the...
PagerDuty Falls to ~$1B Market Cap on $500M ARR. Just 2x ARR. Profitable Isn’t Enough. You Have to Grow.
PagerDuty just reported earnings, and the numbers tell a sobering story. The Captain Obvious lesson and reminder: Growth Remains King. Even if you are profitable. You just have to grow. And for now at least — PagerDuty just isn’t growing anymore. Here’s where...
5 Interesting Learnings from Valve at $17 Billion in ARR
So Valve isn’t a B2B company per se, but it has evolved from a gaming platform to an epic marketplace (Steam) with unit economics that are almost unprecented. I still think we can learn fro it. Valve will generate over $17 Billion in total gross revenue and $4...
5 Interesting Learnings from MongoDB at $2.4 Billion in ARR
MongoDB is back. It saw growth slow materially for a while, to as low as 13% … but it’s back. And it’s now an AI Beneficiary. At $2.4 Billion in ARR, growth has reaccelerated to 24%. And the stock is up a stunning 45% this year. 5 Interesting...
5 Interesting Learnings From Klaviyo at $1.2 Billion in ARR
5 Interesting Learnings From Klaviyo at $1.2 Billion in ARR Perhaps the most undervalued public B2B / SaaS leader today. At just 6.1x ARR multiples with 32% YoY growth, Klaviyo is trading at a significant discount to peers with similar growth profiles. The company is...
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