Coatue October 2025 State of the Markets Update 60 Pages on Public Markets every investor should read Get the Full Deck below ⬇️ 1) AI continues to drive markets higher while... 2) In addition, new names are winning the AI Race 3)... See more

Should SaaS companies trade at a 24x Enterprise Value (EV) to Next Twelve Month (NTM) Revenue multiple as they did in November 2021? Probably not and we think 10x (May 2022) seems more in line with the historical trend.

Investors increasingly are investing in high growth/high quality CSS businesses.

As the market's understanding of software companies has matured, increasing numbers of investors have capitulated to higher and higher prices. Tech companies are still at relative highs compared to historical average multiples before 2021. Modern software businesses can be better businesses than most investors realize. You can make a lot less money... See more