I think valuation is the wrong thing to measure here. Open source companies do not seek to maximise value capture. The surplus created through open source by

I think valuation is the wrong thing to measure here. Open source companies do not seek to maximise value capture. The surplus created through open source by its nature are spread throughout the user base and ecosystem. Perhaps Red Hat has produced 100B+ of value but only is valued at 10B or whatever because that is the part they have been able to capture effectively with their business model.