Phase 1 — Pre-AI
Standard Valuation
→ November 2022
SaaS valued on RARR with 10–15 year DCF visibility. Rule-of-40 companies at 10–20x sales. NRR, churn, cohort economics — the model is well understood.
Phase 2 — Euphoria
AI Lifts All Boats
2023 – 2025
Every company wi…
