Jason Lemkin

So they go to 30 billion.

Now, a rule of thumb is I'm going to go now from ARR and run rate at the end.

to gap revenue for the year, a rule of thumb says, take the opening ARR, the closing ARR, and calculate the average.

10 billion, 30 billion, average is 20 billion.

That says they do actual gap revenue of 20 billion next year.

So it's 17 times NTM revenue.

It's a much lower revenue multiple than Palantir.

It's kind of comparable with Cloudflare, for God's sake, in the public markets.

So you do that math.

If the growth is there for one more year, it looks cheap.

It's the old rule.

It turns out you really, really can pay up for anything that goes 10x year on year.

So that's the bet.

And the guys who did it at 170 three months ago are feeling pretty smart now.

There are 2x in four months.

That's a good point.

Yeah, I agree.

And I think you should break the market up into, I would have said two, and as of yesterday, I'm going to say three, and I'll tell you what I mean in a second.

The enterprise market.

There's the enterprise API market, which is basically selling your product to other ISVs who are building on top of it, or enterprise building on top of it.