Employees do not cost that much, not even in SF. There are also many employees in sales roles in non-SF locales. Their revenue is probably more on the order of

Employees do not cost that much, not even in SF. There are also many employees in sales roles in non-SF locales. Their revenue is probably more on the order of 5-10b - the vast majority of payments volume is from large customers which negotiate much better rates that 2.9%. I know they're just barely not profitable, so rev of ~8b, and total OpEx (salaries + AWS + cost of sales, etc) being approximately 8b sounds right to me. At 8b profit, with normal tech multiples, they would be closer to a 200b company!