Run the Numbers Stripe rips, Plaid falls, and Wiz gets PAID... State of the Private Markets (March)
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Mar 29, 2025 Dive into the ups and downs of the private tech markets with insights on Google's acquisition of Wiz and the debate over its valuation. Stripe's valuation is climbing back to pre-COVID levels, while Plaid faces a drop in the secondary market. Learn about Figma's rising growth and the hilariously controversial situation involving Rippling and Deel. Explore hiring trends and the bustling world of AI startups, plus a comical tale of corporate espionage that adds a twist to the tech industry tales!
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Post-ZERP Era
- The post-zero-interest-rate-policy (ZERP) era has lasted longer than ZERP itself.
- People should stop using ZERP as a benchmark, as it was an anomaly.
Google's Wiz Acquisition
- Google's acquisition of Wiz for $32 billion represents a rich 30x forward revenue multiple.
- This multiple is high, even compared to top tech companies, but justified by synergy potential and infrastructure upgrade.
Stripe's Valuation Rebound
- Stripe's valuation has rebounded to $91.5 billion, near its 2021 peak.
- With $6 billion in estimated revenue, its 15x multiple aligns with Adyen's 20x, considering Stripe's mixed revenue model.