Thank you for reading the Meritech Software Pulse—a comprehensive analysis of the nearly $3 trillion public software industry. In this edition, we examine current market valuations, key operating metrics and KPIs, profitability trends across company stages, and the defining characteristics of best-in-class public software businesses. This is particularly important as the market is rapidly changing with the advancement of AI.

For recurring updates delivered directly to your inbox, subscribe here. A PDF version is also available for your convenience.