Yeah, they just might. I was thinking about how to value companies like this over the weekend: fast growth, huge revenue, where it all gets eaten by opex. In a

Yeah, they just might. I was thinking about how to value companies like this over the weekend: fast growth, huge revenue, where it all gets eaten by opex. In a normal business you just look at gross profitability and assume a lot of opex will lead to long-term appreciation of the equity but, software is so damned competitive that it's like they need to keep plowing cash into opex just to stay relevant (vs grow the business) In any case it's hard to fathom that a company with $400MM in ARR can be going public just now...nowhere near unprecedented given the recent huge financing rounds but man, that's just a big company, no two ways about it. EDIT: One more comparable I've been watching a lot recently. New Relic is on track to do about 230-250M in the next 12 months. Their aggregate common is worth something like 1.6B right now, so your "5x revenue" might be a little conservative, I think they'll get more like 6-7x, and likely even more as consumer companies tend to get more interest from individuals because it's a name they know. My over/under on aggregate equity value at IPO is ~$4bln, will be interesting to see how big the float is.