分析：AI 初创公司 Series A 估值比传统 SaaS 高 40%

In short : AI startups achieve 40% higher Series A valuations and double the public market multiples compared to traditional SaaS companies.

AI startups represent about 70% of B2B Series As, up from about 40% in early 2024. On average, AI Series As raise at 40% higher valuation than non-AI companies, a multiple that has been increasing over time.

But this is less of a premium than in the public markets. As of January 31, an AI publicly traded software company trades at twice the multiple of a non-AI software company.

Forward ARR Multiple

The major difference between the public markets and the private markets is the relative differential in growth rates between software and AI companies.

High-growth early SaaS companies can achieve growth rates similar to those of their AI peers

In the public markets, typically, the slower the growth of the company, the less they have been investing in AI.

AI companies should trade at a higher multiple for a few reasons :

1. The growth rates of AI companies can be significantly higher. Buyers are more curious about these products. The potential business impact to the buyer is greater as well.
2. The bet is that the AI businesses will tap into labor markets. There’s $1.5t of IT spend. About 40% of it has moved to the cloud. Overall software spend is less than 10% of operating expense for many businesses & labor is multiples greater.
3. AI software reinvents workflows in ways that could enable market share shift from incumbents, in a way that hasn’t been possible since the beginning of the cloud era.

There’s truth to the narrative that AI is the new platform & companies that embrace it are rewarded with lower costs of capital.

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