Run the Numbers
00:45:23 · CJ Gustafson
[00:45:23] S0: They cut the vest and cliff in half. In January 2026, they changed the one year cliff to six months on all stock options they hadn't hit yet, which is a nice recruiting move. Their boomerang rate is super high. So of the employees who left, they wanted to keep 19% came back. You know, apologies and shout out to Societe Generale. Is it Societe Generale? They were listed in the fourth row of the 22 banks. This bank caught astray by me in my SpaceX breakdown, but I gotta say, you punch above your weight class. So the bull case is basically the efficiency section that I went through. This business is growing 10 x a year with 900% net revenue retention. If you price it like based on their run rate, you're only looking at 20 to 30 x multiple, which is less than what CrowdStrike and Cloudflare get on forward revenue with a fraction of their growth. On trailing gap revenue though, you're paying about 95 x. That's a lot more than Palantir for a company that buys its compute from Amazon, Google, and Microsoft, who sell competing models on the same clouds that resell Cloud. And it all hinges on my number one question, which is whether the use cases keep showing up as fast as the price per task keeps falling. And finally, never let your company be worth a dollar more than it is actually worth. They said it, not me. Remember, none of this is investment advice. I wrote it at my kitchen table full of pancakes with my dog Walter waiting for a bite that he never got. Do your own homework. This is for information and entertainment purposes only. Wishing you a short stack, a long lockup, and the real maple syrup. Peace. Run the Numbers is a Mostly Media production. Yelling an intro by Fat Joe. Artwork by Meg D'Alessandro. Nothing said on this podcast is intended to be business or investment advice. It's the sole opinion of me, a guy who feeds his dog way too much ice cream and has a history of net operating losses. LOL. If you like this podcast, hit subscribe and give us five stars. It'll take like two seconds and our algorithm overlords love it. Drink water, call your mom, and have a great day. Peace.