> So no, in my opinion 20x EV/sales isn't that crazy for a good SaaS company. I agree but with the specification that the only way to get that "good SaaS compa

> So no, in my opinion 20x EV/sales isn't that crazy for a good SaaS company. I agree but with the specification that the only way to get that "good SaaS company" multiple now from an acquisition is with the stick rather than the carrot. What I mean by "stick" that is the target (e.g. Figma) needs to be a active threat to the acquirer's (e.g. Adobe's) business -- as opposed to the "carrot" wherein the target (e.g. any AI-first company making interesting pictures) has a valuation driven by narrative ("humans will prefer AI-generated content over celebrity-generated content). Acquirers have more leverage on price now.