Tanay Jaipuria@tanayjServiceTitan went public today. Initially priced at $52-$57, it eventually priced at $71, and opened at $101/share. ~$9B market cap with $772M in implied ARR growing 24% y/y, and trading at >10x NTM revenue as a rule of ~29% business. The appetite for tech IPOs is clearOpens with an observation
Tanay Jaipuria@tanayjMeta is discontinuing their enterprise offering Workplace, which per my estimates was a >$150M ARR business. Just a reminder the scale big tech is at for business lines to be meaningful to themOpens with an observation
Tanay Jaipuria@tanayjDatabricks is raising a $10B Series J at a $62B valuation in one of the largest private rounds ever. To put the size of the round into context, there have been only 8 companies in US history that raised more money in their IPO round.Opens with a number
Tanay Jaipuria@tanayjServiceNow's customer cohorts are wild 2010 cohort net ACVs are 44x of starting ACV 2014 cohort ACVs are 14x 2018 cohort ACVs are 6.7xOpens with an observation