Check out the market section presentation from @MeritechCapital's 2024 Annual Meeting. We cover the public and private markets and the opportunity in AI. Some of our favorite slides in this thread and link to full preso below:

@HarryStebbings Football analogy: Start every investor on the same yard-line so they move down the field simultaneously. It creates momentum, which is the more important part of the process.

Fired up to work with @arshammem! LFG!

More info on software comparables:

@HarryStebbings @mcmiller00 !!!

*Meritech was a former investor in Salesforce.

ServiceTitan ($TTAN) priced at $71/share which implies a $7.1B fully diluted equity value (their ratchet was in effect with this share price). Assuming TTAN grows revenue by 20%, they priced at ~8x NTM (next-twelve-months) revenue and ~9x ARR. The company traded up 42% today and closed at $101/share or $10.1B in fully diluted market cap. From a multiple perspective, that represents ~11x NTM revenue and ~12x ARR. The Series H redeemable convertible preferred shares converted to ~7.1M shares at IPO due to the compounding ratchet. These incremental shares represent ~1.5% dilution at IPO. While TTAN is not yet a rule of 40 business, it's clear public market investors are excited about software IPOs and TTAN should be a positive sign for scaled, fast-growing private software companies as they think about the public markets. Below are the disclosed investor stakes at the $101 closing price:

Back-up

@bgurley @Trace_Cohen @brunoswerneck @theinformation @rebecca_szkutak Yes, but the H is compounding, others don't appear to be.

@Trace_Cohen @brunoswerneck @bgurley @theinformation @rebecca_szkutak This is just the initial range, the trading is likely in the $60's or low $70's.

Link to our write-up