Benchmark reports.
Sourced from ICONIQ, KeyBanc, High Alpha, Bessemer, Battery, Jurassic, HiBob, and more. Newest publication first.
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From Org Charts to Outcomes: The New Operating Model for Talent in AI-First Organizations
ICONIQ analyzes how AI is fundamentally restructuring organizational design, roles, and career paths in tech companies. The report identifies six structural shi
State of Go-to-Market 2026: Hybrid Motions, Reacceleration, and AI Integration
ICONIQ's 2026 GTM report analyzes 150+ B2B software leaders, revealing that high-growth companies are adopting hybrid sales models (blending top-down and bottom
The State of Generative Media 2026: Market Fragmentation and Infrastructure Orchestration
The generative media landscape in 2026 is characterized by deliberate fragmentation with enterprises deploying a median of 14 different models, contrasting shar
Annual Predictions and Review: 2025 Retrospective and 2026 Outlook
Dave Kellogg reviews his 2025 predictions (scoring 6-7 hits out of 10) and presents his twelfth annual predictions post. Key themes include the continued startu
The Execution Era of AI: State of AI Bi-Annual Snapshot 2025
ICONIQ's bi-annual State of AI report reveals the market is transitioning from experimentation to disciplined execution, with differentiation shifting from mode
2025 SaaS Benchmarks Report by High Alpha
High Alpha's 2025 SaaS Benchmarks Report analyzes 800+ SaaS companies, revealing a decisive shift from AI experimentation to operationalization (Operation AI).
The State of AI Report: December 2025
Battery Ventures' State of AI Report analyzes the explosive growth of AI-driven value creation, with AI companies representing 50% of S&P 500 value and adding $
KeyBanc Capital Markets & Sapphire Ventures 2025 SaaS Survey: AI-Driven Growth & Profitability Focus
The 16th annual KeyBanc-Sapphire Ventures SaaS survey reveals a market inflection toward profitable growth, with median ARR growth rebounding to 20% in 2025 and
What's Really Going On in Software: 2025 SaaS Benchmarks Report
Analysis of 800+ B2B SaaS companies reveals continued stabilization in core metrics while highlighting divergence between AI-native startups (growing 3x faster)
The Tech CFO Survey 2025: How CFOs are Adapting, Investing, and Leading in the Age of AI
The Tech CFO Survey 2025 reveals that 46% of European tech CFOs expect significant role evolution due to AI within 3-5 years, yet adoption remains gradual with
AI Impact on Technology M&A: Strategic Narratives and Deal Dynamics in 2025
Lazard's analysis examines AI as a transformative yet risky force in technology M&A, characterized by intense competition between AI-native startups and incumbe
ICONIQ Enterprise Five: Key Performance Indicators for Software Companies in 2025
ICONIQ presents the Enterprise Five framework—five core metrics for evaluating software company performance in an AI-transformed landscape. The analysis reveals
State of Software 2025: Efficient Growth and AI-Driven Operating Models
ICONIQ's annual Growth & Efficiency report analyzes software market trends showing stabilization after two years of volatility, with efficient growth and the Ru
State of Software 2025: Growth & Operational Efficiency Benchmarks for SaaS Leaders
ICONIQ's analysis of 100+ software companies reveals that in 2025, the market is stabilizing with declining growth rates, rising efficiency metrics, and AI beco
State of Software 2025: Rethinking the Playbook - Annual Topline Growth and Operational Efficiency Report
ICONIQ's comprehensive analysis of 127 software companies reveals that efficient growth has become the primary valuation signal, with the Rule of 40 emerging as
B2B SaaS Benchmarks Report 2025
Jurassic Capital's third annual benchmarks report covering 2024 and H1 2025 for B2B SaaS companies in the $5-20M ARR range. The report tracks key metrics across
Bessemer Venture Partners: State of AI – The New $100M ARR Growth Curve for AI Startups
Bessemer Venture Partners analyzes two winning AI startup archetypes—Supernovas (reaching $100M ARR in 1.5 years with thin margins) and Shooting Stars (4-year t
2025 GTM Compensation & Incentives Guide: Benchmarks by Role, Region, and Company Stage
A comprehensive analysis of go-to-market compensation structures across Account Executives, SDRs, Account Managers, and Customer Success Managers, examining how
AI-Driven Go-to-Market Transformation: 2025 Growth Acceleration Report
ICONIQ's 2025 State of GTM report reveals that AI-Native companies are significantly outperforming peers in funnel conversion and ARR growth, particularly in th
State of GTM: Data & Insights from the Latest ICONIQ Report
The article analyzes ICONIQ portfolio company GTM benchmarks, revealing that while Net Dollar Retention is stabilizing, new logo growth remains weak and the $10
2025 SaaS Growth Benchmarks Report
This comprehensive benchmarking report analyzes 372 SaaS companies across funding stages and company sizes, revealing stage-specific patterns in customer acquis
2025 Private SaaS Growth Benchmarking: Growth Rates Decline to 25% Median as Profitability Focus Reshapes Capital Allocation
SaaS Capital's 14th annual survey of 1,000+ private B2B SaaS companies reveals median growth rates have declined from 30% in 2023 to 25% in 2024, approaching pa
The state of B2B monetization in 2025
Based on a survey of 240 software and AI companies, this article reveals that hybrid pricing models (combining subscriptions and usage) are replacing traditiona
2025 B2B SaaS Performance Metrics Benchmarks Report
This comprehensive benchmarking report analyzes 583 B2B SaaS companies across seven key performance dimensions, revealing that median growth rates declined to 2
AI Compass 2025: The Builder's Playbook - From AI Adoption to Execution
ICONIQ's 2025 State of AI report shifts focus from AI hype to practical execution, surveying 300 software executives to identify how leading companies are build
Banks Accelerating Stablecoin Adoption in 2025: Survey Reveals 90% Taking Action
A Fireblocks survey of banks reveals that 90% are taking action on stablecoins in 2025, with 49% already using them for payments. Banks are adopting stablecoins
International Expansion Playbook: Four-Phase Framework for Global Growth
ICONIQ Growth's comprehensive guide for U.S.-based companies expanding internationally, outlining four critical phases: Planning, Market Entry, Market Expansion
The 2025 Market Insight Report: Global Insights and Analysis from Awards Entrants
The Cloud Awards presents a comprehensive market report analyzing the cloud computing, SaaS, AI, security, and FinTech sectors for 2024/25. The report highlight
2026 State of GTM | Benchmarks & Data
Analysis of 2026 GTM benchmarks from ICONIQ covering revenue growth, net dollar retention, CAC payback period, and contract length trends across private and pub
R&D Reporting Guide: Key Metrics and Frameworks for Technology Organizations
ICONIQ Capital provides a standardized framework for R&D reporting and engineering performance measurement, addressing the lack of consistent approaches to trac
The State of M&A in 2025
This article analyzes M&A market conditions for 2025, explaining why deal volume has declined from 2022 peaks due to interest rates, stock volatility, and macro
SaaS Valuation Multiples: 2015-2025 Q4 2024 Update and 2025 Outlook
This comprehensive analysis tracks SaaS valuation multiples across listed companies and M&A transactions from 2015-2025, showing recovery to 7.4x EV/Revenue in
US Equity Valuation Analysis: 2024 Performance and 2025 Market Outlook
Analysis of US equity market performance in 2024, showing 24.88% total returns (ranked 27th best year historically) and combined 2023-2024 returns of 57.42%. Th
2024 SaaS Benchmarks: Growth Expectations, Vertical SaaS Performance, and ACV Strategy
CJ Gustafson analyzes the 2024 SaaS Benchmarks Report, revealing that SaaS spending is rebounding with companies <500 employees leading at 59% increases. The an
2024 Fundraising & Valuation Insights: Benchmarks, Term Sheets & Strategic Implications
The article analyzes 2024 venture fundraising trends using Carta data, revealing that while deal volume has declined significantly from 2021 peaks, early-stage
State of the Cloud 2024: Private vs Public Valuations, IPO vs M&A, and AI Pricing Implications
The article analyzes Battery Ventures' OpenCloud 2024 report, revealing that private cloud companies now trade at a 3.2x valuation premium over public peers (im
Battery Ventures State of OpenCloud Report 2024
Battery Ventures analyzes AI as the next major platform shift driving cloud infrastructure growth, with data center revenue accelerating from $4B in Q3'22 to $2
2024 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: Growth Deceleration and Profitability Focus
The 15th annual KeyBanc SaaS survey reveals a significant shift in private SaaS company priorities from growth-at-all-costs to efficient execution and profitabi
Sources of AI Budget Allocation: Survey Analysis of CIO Spending Patterns
Morgan Stanley surveyed CIOs on AI budget sources, finding 41% allocate net new spend, 35% repurpose existing software budgets, and only 6% redirect professiona
2024 Theory Ventures Go-to-Market Survey: Optimism Rises Amid Changing Market Dynamics
The 2024 Theory Ventures Go-to-Market Survey reveals rising founder optimism despite economic headwinds, with founders expecting stable fundraising valuations a
2024 GTM Benchmarks: SaaS Revenue Growth Deceleration & Sales Efficiency Crisis
SaaS revenue growth has decelerated sharply across all company sizes in 2024, with early-stage companies experiencing the steepest declines (66% endurance vs. 8
Engineering Leadership Hiring Patterns: From $50M ARR to IPO in SaaS
ICONIQ analyzes engineering executive hiring trends at SaaS companies in the $50M ARR to IPO stage, revealing that internal promotion becomes 2.5x more common t
Engineering Leadership Hiring: A Data-Driven Blueprint for SaaS Companies at $0-$50M ARR
ICONIQ Capital's analysis examines the backgrounds and characteristics of engineering executives at SaaS companies across the $0M-$50M ARR range. The research r
2024 Theory GTM Survey: Analyzing Startup Sales, Marketing, and Efficiency Evolution
Tomasz Tunguz at Theory Ventures launched the 2024 Annual Go-to-Market Survey to track how startups have evolved their sales, marketing, customer success, and c
The Series A Crunch Returns in 2024: Supply-Demand Imbalance in Venture Funding
The venture capital market is experiencing a Series A funding crunch in 2024, similar to 2012, driven by an oversupply of seed investments relative to Series A
Product Leadership: A Hiring Blueprint from $50M ARR to IPO
ICONIQ analyzed 65+ SaaS companies' Head of Product hiring patterns from founding to IPO, focusing on $50M ARR stage onwards. The research identifies optimal ca
R&D Compensation & Incentives: 2024 Engineering Organization Analysis
ICONIQ analyzes compensation costs for engineering organizations in 2024, finding that compensation accounts for 70-80% of R&D OpEx and is primarily driven by c
The State of Engineering 2024: R&D Investment, Developer Productivity, and DevOps Maturity
ICONIQ's comprehensive report analyzes modern engineering organizations in 2024, focusing on R&D spending, developer experience, DevOps maturity, and AI's impac
NVIDIA's AI Infrastructure Dominance: Growth Metrics, Cloud Economics, and Market Outlook
NVIDIA's data center revenue reached $26B with compute revenue up 5x and networking up 3x, capturing approximately 33% of major cloud providers' capex budgets.
Employee Stock Options Guide: Valuation, Benchmarks, and Negotiation Strategy
A comprehensive guide to understanding stock options in private tech companies, covering option types (ISOs vs. NSOs), valuation mechanics via 409A reports, ves
Product Leadership: A Hiring Blueprint for Head of Product at $0-$50M ARR SaaS Companies
ICONIQ analyzed Head of Product hiring patterns across 65+ SaaS companies from founding to IPO, focusing on operational traits that influence leader longevity.
ICONIQ Engineering Series 2024: State of Modern Engineering Organizations
ICONIQ Growth's comprehensive Engineering Series 2024 examines modern engineering organizations across developer productivity, team structure, compensation, and
Engineering Team Composition and R&D Budget Allocation in 2024
ICONIQ's report analyzes organizational structure and composition of modern engineering teams in 2024, focusing on headcount ratios, hiring sequencing, and budg
FTI Consulting 2025 Global CFO Report - 6th Edition
FTI Consulting's 2025 Global CFO Report reveals that 72% of CFOs expect double-digit revenue growth, with 86% investing in digital transformation and AI/automat
2023 KeyBanc Capital Markets & Sapphire Ventures SaaS Survey: A Shift Towards Efficient Execution and Profitability
The 14th annual KeyBanc SaaS survey reveals a fundamental market shift from hypergrowth to profitability, with median ARR growth decelerating from 35% (2022) to
State of the OpenCloud 2023: AI Driving Cloud Growth Amid Economic Headwinds
Battery Ventures' November 2023 OpenCloud report analyzes how AI is catalyzing the next wave of cloud adoption while software companies navigate macro pressures
Annual vs Monthly Payment Strategies for SMB SaaS: Benchmarking Data Across Leading Companies
This article analyzes the optimal payment frequency (annual vs monthly) for B2B SaaS companies targeting SMBs, using real data from companies like Zoom, Freshwo
State of Private Company Stock Options: 409A Valuations & Exercise Trends
The article analyzes Carta's 409A valuation data showing significant declines in private company valuations, particularly at later stages (Series C+ experiencin
Fundraising Seasonality in Series A: Market Shifts from 2014 to 2022
Tomasz Tunguz analyzes whether fundraising seasonality patterns have changed since 2014, finding that the US software Series A market has become significantly l
State of the OpenCloud 2022: Battery Ventures Market Analysis
Battery Ventures' November 2022 report analyzes the cloud infrastructure and open-source software markets, highlighting resilience in infrastructure fundamental
Key Takeaways from the 2022 KeyBanc SaaS Metrics Survey
This article analyzes the 2022 KeyBanc Capital Markets private SaaS company survey, providing median benchmarks across 13 key metrics including ARR growth (31%)
The State of Web3 in 2022 through Data
Tomasz Tunguz analyzes the crypto ecosystem's health in 2022 through quantitative metrics including wallet activity, developer engagement, and trading volumes.
2022 Private SaaS Company Survey Results - KeyBanc Capital Markets
KeyBanc Capital Markets' 13th annual survey of 110+ private SaaS companies reveals a median ARR of $17.6MM with 31% organic growth, though growth forecasts for
Top 10 Insights from the 2022 Startup Sentiment Survey
Analysis of nearly 500 founder responses to a 2022 market conditions survey reveals declining founder sentiment (6.0/10), expectations of slower ARR growth (45%
Software-as-a-Service Sector Report: Danish SaaS Valuations and Metrics Analysis
HC Andersen Capital's May 2022 analysis of the SaaS sector examines valuation multiples, growth metrics, and the shift from growth-focused to value-conscious in
Benchmarking Amplitude's S-1: How 7 Key Metrics Stack Up
Tomasz Tunguz analyzes Amplitude's S-1 filing, benchmarking seven key financial metrics against SaaS industry standards and predicting a 22x forward revenue mul
7 New Product-Led Growth Insights from OpenView's 2021 SaaS Product Benchmarks
Kyle Poyar analyzes OpenView's 2021 SaaS Product Benchmarks report covering 250+ companies to identify seven key insights on product-led growth. The article war
State of the Cloud 2021: Bessemer Venture Partners Report
Bessemer Venture Partners' comprehensive analysis of cloud market dynamics in 2021, documenting the accelerated digital transformation driven by the COVID-19 pa
Sales Performance Benchmarking During COVID-19: Call Volumes, Deal Terms, and Regional Variance
Analysis of sales prospecting data from 10 million phone calls reveals significant pandemic-driven changes: cold call volumes dropped 67%, discovery calls fell
Sales and Customer Success Performance Benchmarks from 5M Calls
Analysis of Chorus.ai's State of Conversational Intelligence 2020 report, which benchmarks sales and customer success team performance using data from 5 million
Kellblog 2019 Predictions: Market Outlook and Technology Trends
Dave Kellogg reviews his 2018 predictions (9 hits, 1 major miss) and offers 7 predictions for 2019 covering political disruption, financial market volatility, V
Series A SaaS Benchmarks: Growth Metrics, Valuation Trends, and 2016 Market Outlook
Analysis of 50+ fastest-growing Series A SaaS companies reveals significant shifts in fundraising patterns, with average MRR at Series A rising 80% annually to
SaaS Growth Benchmarks: Achieving 20% Month-over-Month Growth According to Top VCs
Jason Lemkin moderates a panel discussion with top SaaS venture capitalists Jason Green (Emergence), Tomasz Tunguz (Redpoint), and Stacey Bishop (Scale) on achi
SaaS Salesperson OTE Benchmarks in Silicon Valley
This article provides salary benchmarking data for SaaS sales roles in Silicon Valley, breaking down On Target Earnings (OTE) by position level and deal size. O
Three Must-See Dreamforce Sessions on Predictable Revenue, Benchmarking, and SaaStr Best Practices
Jason Lemkin highlights three sessions at Dreamforce featuring insights on predictable revenue scaling, SaaS benchmarking, and lessons from $0-$100M ARR journey
SaaS Growth Benchmarks: Why 90% YoY Growth at $250M ARR Should Reset Your Expectations
Jason Lemkin argues that SaaS founders using 'law of large numbers' to justify sub-100% growth rates are making excuses. Using Workday's $250M ARR at 90% growth
Probabilistic Valuation: Scenario Analysis, Decision Trees and Simulations
This chapter explores three probabilistic valuation techniques—scenario analysis, decision trees, and Monte Carlo simulations—that model discrete and continuous