That 121% US Commercial growth is the real story here beyond the headline beat. The Rule of 40 score hitting 114% shows they're finally achiving what many thought impossible in enterprise AI - combining hypergrowth with legitimate profitability at scale. The question now is if international can replicate even half of this US momentum.
Agreed - QoQ rates of growth across segments in Q3 show the momentum continuing into Q4. But the larger questions is - whats in the price? Awesome business and still surprising to the upside at every metric - so hard to see it derate until growth slows. But when it does the multiple will be materially tested. Its a race. Does growth stay so strong, the fundamentals grow into the multiple, or the opposite?
That 121% US Commercial growth is the real story here beyond the headline beat. The Rule of 40 score hitting 114% shows they're finally achiving what many thought impossible in enterprise AI - combining hypergrowth with legitimate profitability at scale. The question now is if international can replicate even half of this US momentum.
Agreed - QoQ rates of growth across segments in Q3 show the momentum continuing into Q4. But the larger questions is - whats in the price? Awesome business and still surprising to the upside at every metric - so hard to see it derate until growth slows. But when it does the multiple will be materially tested. Its a race. Does growth stay so strong, the fundamentals grow into the multiple, or the opposite?
Insightful