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 gone. It’s been obliterated.
As of February 2026, we’re in the middle of what Wedbush’s Dan Ives is calling a “Software Armageddon” — a violent sector-wide selloff driven by AI disruption fears. The median public B2B company now trades at roughly 4x revenue. The average is ~6.6x. Salesforce, the largest pure-play B2B company in the world, has been cut 43% and trades below 4x revenue. Monday.com just plunged 20% in a single session — down 50% from its YTD high — despite beating earnings, because guidance came in $20M light.
So who’s still left in the 10x ARR Club? Turns out, barely anyone.
The February 2026 Scorecard: Where Everyone Actually Stands
Let me give you the real numbers, right now, this week. Not three months ago. Not from some analyst report that’s already stale. Market caps as of the week of February 9, 2026, matched against the latest reported TTM or annualized run-rate revenue.
The Software Armageddon has knocked virtually every name down hard from their late-2025 peaks. Cloudflare is off its highs. CrowdStrike has been cut from $132B to ~$100B. Shopify shed $70B in market cap in a single month. Figma — which IPO’d at a $56B valuation in July 2025 — has lost 80% and trades at an $11B market cap.
Against that backdrop, here’s who still makes the cut:
Tier 1: The Stratosphere — Palantir Alone
Palantir (PLTR) — ~$324B Market Cap | ~$4.5B TTM Revenue | ~$5.4B Run-Rate | ~60x+ Revenue
Even after dropping from $207 to ~$136 — a 35% haircut — Palantir is still in its own galaxy. The company just reported Q4 2025 revenue of $1.41 billion, up a staggering 70% YoY. US commercial revenue grew 137%. Full-year 2025 revenue hit $4.48B, with Q4 annualized implying a $5.6B+ run-rate.
At ~$324B market cap and ~$4.5B TTM revenue, that’s still 70x+ trailing revenue. On forward estimates of $6.2B for 2026, that’s ~52x. By any historical standard, this is insane. But Palantir accelerated from 30% growth to 70% growth at $4B+ scale. That essentially never happens in the history of enterprise software.
The market is betting Palantir becomes the default AI operating system for government and enterprise. Even after the recent correction, it remains, by far, the most expensive B2B company on Earth.
Is it really a 10x ARR Club member? It’s a 60x member. It’s the entire club.
Tier 2: Premium Club — 15x to 30x Revenue
Cloudflare (NET) — ~$61B Market Cap | ~$1.9B TTM Revenue | ~$2.1B Run-Rate | ~29-32x Revenue
Cloudflare stock recently traded at $175, down from a $253 peak in October 2025, but still holding strong relative to the broader carnage. With TTM revenue around $1.9B and Q3 annualized at ~$2.1B, Cloudflare commands roughly 29-32x revenue. They’re growing 28%+ and sit at the intersection of three massive secular tailwinds: edge computing, security, and AI inference infrastructure. When they say they process 20% of all internet traffic, that’s a structural moat almost nobody else can claim. Earnings are Feb 10 — expect volatility.
Shopify (SHOP) — ~$146B Market Cap | ~$9B+ TTM Revenue | ~16x Revenue
Shopify has been hammered — down from ~$217B to ~$146B in just 30 days, a $70B wipeout. But even after that bloodbath, it still trades at ~16x TTM revenue. Why? Because Shopify is accelerating at $10B+ revenue scale. They went from 26% growth to 31%+ growth. At that size, that just doesn’t happen. And unlike most SaaS companies, Shopify has real platform gravity — merchants can’t leave.
CrowdStrike (CRWD) — ~$100B Market Cap | ~$4.3B TTM Revenue | ~$4.9B ARR | ~20-23x Revenue
CrowdStrike has pulled back from ~$132B to ~$100B, but still firmly in the premium tier. Q3 FY26 revenue was $1.23B (+22% YoY), with ARR of $4.92B (+23%). Net New ARR surged 73% YoY and Falcon Flex ARR was up 200%. Security is non-discretionary — CIOs say cybersecurity budgets will grow 50% faster than overall software spending even in a downturn. At ~$100B market cap vs ~$4.3B TTM revenue, that’s ~23x. Still firmly in the club.
Snowflake (SNOW) — ~$54B Market Cap | ~$4.2B TTM Revenue | ~13x Revenue
Snowflake has been hit hard — from ~$77B to ~$54B in a month, a 30% decline. But at ~13x TTM revenue (with product revenue growing 28%+ and RPO up 37%), Snowflake is still comfortably above the 10x line. The narrative is intact: you can’t do AI without data, and Snowflake is where enterprise data lives. Their Cortex AI platform is driving re-engagement. The question is whether the selloff pushes them below 10x if it continues.
Tier 3: At the Line — 10x to 15x Revenue
Datadog (DDOG) — ~$42B Market Cap | ~$3.4B TTM Revenue | ~12x Revenue
Datadog trades at ~12.5x EV/Revenue. Observability is essential, cloud monitoring is non-discretionary, and AI workload monitoring is a natural extension. Revenue grew 28% in Q3. But the stock hasn’t broken out — the market wants to see the AI observability kicker actually show up. Still in the club, but not comfortably.
Palo Alto Networks (PANW) — ~$130B+ Market Cap | ~$8.5B+ TTM Revenue | ~15x Revenue
Palo Alto is the largest cybersecurity company by market cap, and its platformization strategy — endpoint, cloud, network, identity — keeps it trading at a premium despite slowing to mid-teens revenue growth. The $25B CyberArk acquisition signals aggressive expansion. Next-gen security ARR is growing 32%+. At ~15x revenue, it’s in.
MongoDB (MDB) — ~$28B Market Cap | ~$2.3B TTM Revenue | ~12x Revenue
MongoDB deserves to be on this list and it’s kind of crazy it doesn’t get talked about more in this context. Market cap ~$28B against $2.32B TTM revenue = ~12x. Q3 FY2026 revenue was $628M (+19% YoY), with Atlas revenue — the cloud database product that actually matters — up 30% and now 75% of total revenue. MongoDB was one of the big 2025 winners (stock nearly doubled for the year) because the AI thesis is straightforward: every AI application needs a database, and MongoDB is where developers build. 62,500+ customers. The stock has pulled back from its $445 peak to ~$345, but at ~12x revenue it’s still firmly in the club. Earnings on March 2.
Who Just Fell Out — The 2026 Casualties
This is where it gets painful. The Software Armageddon has knocked several names below 10x that were there just months ago:
Figma (FIG) — ~$11B Market Cap | ~$1B+ Revenue | ~10x Revenue — Teetering
This is the most dramatic story on the list. Figma IPO’d in July 2025 at a $56B valuation, implying ~56x revenue. It was the darling. Consistent 48% growth. Clean SaaS economics. Product-led growth that converted to enterprise.
And then it lost 80% of its market cap in six months. Down to $22 per share from a $143 IPO high. Market cap: ~$11B. With ~$1B in 2025 revenue (guided to $1.044-1.046B), that’s roughly 10x revenue — barely hanging on at the threshold.
What happened? AI disruption fears. The market looked at Figma and decided that design tools might be among the most vulnerable categories to generative AI. If AI can generate interfaces, prototypes, and code from prompts, what’s the moat? The stock is now trading near its all-time low. Earnings on Feb 18 will be pivotal.
Rubrik (RBRK) — ~$10B Market Cap | ~$1.2B TTM Revenue | ~8-9x Revenue — Fallen Out
Rubrik was solidly in the club just a few months ago. Now at ~$10B market cap (down from $17B+ in December), against $1.19B in TTM revenue and $1.35B subscription ARR, it’s trading at roughly 8-9x revenue. Still growing 34% subscription ARR, still has NRR above 120%, still adding enterprise customers at 27% YoY. But the selloff has been merciless — the stock dropped from $100 to $52. Great company. No longer in the club.
Zscaler (ZS) — ~$27B Market Cap | ~$2.6B+ TTM Revenue | ~10x Revenue — Right at the Edge
Zscaler has been crushed from ~$36B to ~$27B in a month. With TTM revenue around $2.6B+ (Q1 FY26 was $788M, or ~$3.2B annualized), Zscaler is right at the ~10x line depending on whether you use TTM or run-rate. Growing 26% with a Rule of 40 score of 78. AI Security alone hit $400M ARR. It’s borderline.
ServiceNow (NOW) — Well Below 10x
ServiceNow was the poster child for premium enterprise SaaS. Down 26% in 2025 and continuing to slide. At this point, it trades somewhere around 8-9x revenue. A great business, but the market has decided that even ServiceNow’s AI story (including its agentic AI capabilities) doesn’t justify premium multiples in this environment.
HubSpot, Salesforce, Monday.com, Atlassian, Adobe — All well below 10x, some below 5x. The former kings of SaaS are trading at multiples we haven’t seen since before 2020.
What It Takes to Be in the 10x Club in February 2026
The criteria have become brutally clear. You need almost all of the following:
1. You Must Be AI Infrastructure — Not “AI-Enhanced SaaS”
The market is ruthlessly punishing companies that “added AI” to existing products. Salesforce (Agentforce), HubSpot (Breeze), Adobe (Firefly), Monday.com (AI blocks) — all down 30-50%+ even though these are real products with real adoption. The market doesn’t care.
The winners — Palantir, Cloudflare, Snowflake — are AI infrastructure. They don’t add AI to a workflow tool. They are the infrastructure layer that AI runs on. Palantir is the operational AI decision layer. Snowflake is where the data that feeds AI lives. Cloudflare is the edge where AI inference executes.
As SaaStr has been saying: Don’t build SaaS and add AI. Build AI and add SaaS economics.
2. You Must Solve Non-Discretionary Problems
Every surviving member of the 10x Club solves a problem enterprises cannot turn off:
- Security (CrowdStrike, Palo Alto): Cyber threats don’t pause for budget cuts
- Data infrastructure (Snowflake, MongoDB, Datadog): Can’t do AI without data
- Commerce infrastructure (Shopify): Can’t shut down your online store
- Edge/connectivity (Cloudflare): 20% of internet traffic runs through them
- Operational AI (Palantir): Government and defense customers need AI-powered decisions
When CFOs cut budgets, these are the last categories to get axed. That durability is what earns a premium.
3. Growth Acceleration Matters More Than Growth Rate
Palantir accelerated from 30% to 70% at $4B+ scale → 60x+ revenue. Shopify accelerated from 26% to 31% at $10B scale → 16x revenue.
Compare to Klaviyo: growing 40% (strong!) but decelerating from 63% → 40% over three years → only 6.7x. The direction of the growth vector matters as much as the magnitude. The market pays for the second derivative.
4. Enterprise > SMB — The Divide is Now a Chasm
The Software Armageddon has disproportionately destroyed SMB-focused names. HubSpot (-51%), Monday.com (-50%), Bill.com (-43%). Why? AI-native startups can build competitive tools for SMBs with a fraction of the headcount. Gamma built to $100M ARR with 50 people. That efficiency existentially threatens every horizontal SMB SaaS company.
Enterprise companies have deeper moats: switching costs, compliance requirements, integration complexity, procurement processes. The 10x Club is exclusively enterprise or has such platform gravity (Shopify) that SMB churn doesn’t kill the story.
5. Revenue Quality > Revenue Growth
The market is forensically dissecting where revenue comes from. Rubrik’s 48% total revenue growth includes non-recurring items and legacy transitions. The subscription ARR growth of 34% is what the market actually priced. At $10B market cap, that forensic analysis pushed it out of the club. Figma’s clean 38%+ subscription growth wasn’t enough either — the AI disruption narrative overwhelmed the fundamentals.
The Big Picture: The Great Compression
Here’s the brutal reality of where we stand:
February 2026 10x ARR Club Members:
- Palantir — ~60x+ (in a league of its own)
- Cloudflare — ~29-32x (reports Q4 today Feb 10 — expect volatility)
- CrowdStrike — ~20-23x
- Shopify — ~16x
- Palo Alto Networks — ~15x
- Snowflake — ~13x
- MongoDB — ~12x
- Datadog — ~12x
On the Bubble (could go either way any given week):
- Zscaler — ~10x (borderline)
- Figma — ~10x (crashing, may fall below)
Recently Fallen Out:
- Rubrik — ~8-9x (was in the club two months ago)
- Guidewire — ~8.4x ($10.7B market cap / $1.27B TTM revenue; was a top-10 SaaS Capital Index name at 14x+ in 2024 — now cut in half from its $272 high to ~$126)
- ServiceNow — ~8-9x
That’s it. That’s the entire list. Out of 157 public SaaS companies, maybe 8-10 still trade at 10x revenue or higher.
The 10x Club went from 60% of all public SaaS companies in 2020 to roughly 5% in February 2026.
But Wait: The Private Companies That Would Dominate This List
Here’s the thing about the 10x ARR Club that nobody’s talking about: the most impressive members aren’t even public yet. And when they arrive, some of them won’t just join the club — they’ll redefine the top of it.
Anthropic — ~$350B Valuation | ~$9B+ Run-Rate Revenue | ~39x Revenue — Would Arguably Be #1
Anthropic would almost certainly trade at the highest revenue multiple of any company on this list if it were public today. The company hit a $9B+ annualized revenue run rate by year-end 2025, up from $1B just 12 months earlier. That’s 9x growth in a single year. Claude Code alone hit $1B in annualized revenue in February 2026 — less than a year after launch. The company is closing a $20B+ round at $350 billion this week, with Nvidia and Microsoft contributing up to $15B. At ~39x estimated 2025 revenue, Anthropic would trade above even Cloudflare’s multiple — and unlike most companies on this list, it’s still accelerating into what could be $20-26B in 2026 revenue. Internal projections show break-even by 2028. Both Anthropic and OpenAI are preparing for potential 2026 IPOs. If either goes public at these multiples, it resets the ceiling for the entire 10x Club.
Databricks — $134B Valuation | $5.4B Run-Rate Revenue | ~25x Revenue — Would Be #2 or #3
Databricks just completed a $5B round (closing this week!) at $134 billion. The numbers are Palantir-caliber: annualized revenue hit $5.4B for the January quarter, growing 65% YoY — accelerating from 55% in Q3 and 50% in Q2. AI products alone are at a $1.4B run-rate. Data warehousing topped $1B. Free cash flow positive. At ~25x run-rate revenue, Databricks would slot in right behind Palantir and ahead of (or neck-and-neck with) Cloudflare. CEO Ali Ghodsi says the company is ready to go public “when the time is right.” And the company is now larger than rival Snowflake by revenue. The real question is whether Databricks or Anthropic IPOs first — because either one would be the largest B2B tech IPO since Snowflake.
Canva — $42B Valuation | ~$3.3B ARR | ~12.7x Revenue — Would Be a Top-10 Member
Canva is printing money while building the next Adobe. $3.3B in ARR. 240M monthly active users. 7+ consecutive years of profitability. Growing 40%+. AI driving 800M monthly interactions. Blackbird told LPs that Canva is “ready” for a H2 2026 IPO. At the current $42B valuation, that’s roughly 12.7x revenue — which would slot it alongside Snowflake and MongoDB. But here’s the kicker: Figma IPO’d at 56x revenue and popped 250% on day one before the crash. If Canva gets even a fraction of that initial reception — say 20-25x revenue — that’s a $66-82B public company on day one. And Canva generates 4x more revenue than Figma at a 3.4x lower multiple.
Stripe — $140B Valuation | ~$5.8B Revenue | ~24x Revenue — Would Be Premium Tier
Bloomberg reported today (February 10, 2026) that Stripe is arranging a tender offer at $140B — a $33B jump from its $107B valuation last year. Stripe generated $5.1B in 2024 revenue growing 28%, with 2025 revenue estimated at $5.8B. That’s ~24x revenue at the new tender valuation — which would place Stripe firmly in the Premium Tier alongside Cloudflare and CrowdStrike. The company processes $1.4T+ in payment volume, serves 87% of Fortune 500 companies, and is now building a crypto-native financial stack with its Bridge, Privy, and Valora acquisitions. The Collisons keep saying they’re “not in a rush” to IPO. But at $140B, they may not need to. Still, when Stripe does go public, it will likely be the largest fintech IPO in history.
What this means: The best 10x Club members may not be public yet. And when they arrive — potentially in a 2026 mega-IPO wave — they could make the current public club look small by comparison. Databricks at 65% growth. Anthropic at 9x revenue growth in a year. Canva profitable for 7+ years. Stripe processing $1.4T. These aren’t speculative pre-revenue startups riding ZIRP. These are massive, proven businesses that chose to stay private.
The Software Armageddon is real. The pain in public markets is real. But the pipeline of companies waiting to go public tells a different story: the best days of the 10x ARR Club may actually be ahead of us.
60x or 4x?
If you’re building a company and think about eventual public market valuations, the 10x ARR Club is telling you something very specific about what the market values in 2026:
The market will pay 60x for a company that IS the AI infrastructure layer (Palantir). It will pay 20-30x for companies that are essential plumbing for the internet and enterprise (Cloudflare, CrowdStrike). It will pay 12-16x for companies with accelerating growth at massive scale in non-discretionary categories (Shopify, Snowflake, Datadog).
And for everything else — horizontal SaaS, SMB-focused, “AI-enhanced” feature sets, seat-based pricing, modest growth — the market will pay 3-6x. Maybe less.
The gap between the median SaaS company at 4x and Palantir at 60x+ is a 15:1 ratio. That’s not a valuation premium. That’s two entirely different asset classes trading on the same exchange.
The question for every founder building a B2B company right now: which asset class are you building?
Because in the current Software Armageddon, there’s nowhere to hide in between.
