增长溢价仍在：AI 与非 AI SaaS 估值持续同处 4-6 倍区间
The Growth Premium Persists in SaaS Valuations
自 2022 年疫情后暴跌以来，AI 与非 AI SaaS 公司的估值倍数始终同处 4-6 倍区间，未突破这一窄幅波动。AI SaaS 的估值主要与营收增长挂钩，非 AI SaaS 则更广泛地纳入效率指标。公开市场 SaaS 已趋成熟，数据集中位数公司年增长 13.7%、中位倍数 5.5x，而私募市场仍有数十家独角兽保持数倍于此的增速。
In short : Despite AI & non-AI SaaS companies being valued differently, both trade in the same 4-6x multiple band since 2022. The growth premium persists in private markets where tens of unicorns maintain multiples-higher growth rates.
As the world follows every whisper & rumor from AI, what has happened to public SaaS?
The answer is not much! All the fun is in the private markets.
Multiples haven’t moved outside of a narrow band since the post-Covid crash in 2022.
Even here, AI is the story, with AI SaaS companies seeing different valuation correlates : revenue growth. Meanwhile, non-AI SaaS companies are valued more broadly with efficiency metrics included.
The scarcity of hyper-growth companies in 2025 tells its own story. Public SaaS companies have matured. The median company in our dataset grows at 13.7% annually, with a median multiple of 5.5x.
Most companies cluster near the median, with a few outliers driving exceptional growth rates. The distribution shows a steep drop-off from the top performers & a cluster of shrinking businesses.
The private market contains tens of unicorns with growth rates multiple times higher in both AI & classic SaaS. At some point soon, the largest AI companies’ capital requirements will push them to IPO.
At that point, the data will look very different!
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来源：Tomer Tunguz 博客（VC 分析） · tomtunguz.com