High-Flying SaaS Startups' Surge Won't Change the Valuations in Ventureland
Tomasz TunguzVenture Capitalist If you were forwarded this newsletter, and you'd like to receive it in the future, subscribe here. High-Flying SaaS Startups' Surge Won't Change the Valuations in Ventureland
The top publicly traded software companies have surged in the last few weeks. MongoDB (MDB), Snowflake (SNOW), DataDog (DDOG), Cloudflare (NET), & ServiceNow (NOW) have watched their forward multiples surge by 42% to 112% since the beginning of the year. The bond market has priced in a roughly 1% to 1.25% cut in the next 24 months. When interest rates fall, high-growth software surges. Two peculiar elements characterize this market surge:
Without a material change in the overall multiples of the public market, I don’t expect to see a pricing change in the private market - even if the fastest-growing companies fly higher due to a tailwind from shifting monetary policy. Both the public & private capital markets await signs of buyer strength in the form of greater expansion rates & faster sales cycles. |
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