Not the commenter you’re replying to, but you maybe be mixing figures. I read $100m and $1B as enterprise value, not ARR. While the long term ARR multiple to

Not the commenter you’re replying to, but you maybe be mixing figures. I read $100m and $1B as enterprise value, not ARR. While the long term ARR multiple to EV is ~5.5x for SaaS, I could see niches where that approaches 10x. So 5 customers, being billed 2m / year each at a 10x multiple, gives you a $100m valuation.