cloudedjudgement.substack.com · 2021-11-04 · 1673d

HashiCorp: Benchmarking the S-1 Data

This article provides a detailed S-1 filing analysis of HashiCorp, benchmarking its operating metrics against public SaaS peers across revenue, growth, profitability, and unit economics. HashiCorp demonstrates strong gross margins (82%) and revenue growth (55% LTM) but faces profitability challenges with negative operating margins (-22%) and elevated S&M spending (59% of revenue), scoring 33 on the Rule of 40.

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Metrics in this report

Cloud Infrastructure Market TAM

2.1billion USD

2021 estimate

Terraform addressable market (Vault $16.3B, Consul $22.6B, Nomad $0.7B)

Cloud Infrastructure Market TAM

12.0billion USD

2026 estimate

Terraform addressable market projected growth (Vault $20.8B, Consul $30.9B, Nomad $8.8B)

Cloud Infrastructure Provisioning Market Size (2021)

2.1billion USD

Terraform addressable market (Terraform product)

Cloud Infrastructure Provisioning Market Size (2026 Forecast)

12.0billion USD

Terraform addressable market projection

Gross Margin

82percent

LTM

HashiCorp at IPO filing (Nov 2021)

Gross Margin (LTM GAAP)

82percent

HashiCorp, cloud infrastructure SaaS

LTM Revenue

259million USD

HashiCorp at S-1 filing

Last Twelve Months Revenue

233million USD

HashiCorp pre-IPO LTM, positioned between Asana ($259M) and Confluent ($287M)

Networking Market Size (2021)

22.6billion USD

Consul addressable market (Consul product)

Networking Market Size (2026 Forecast)

30.9billion USD

Consul addressable market projection

Operating Margin

-22percent

LTM

HashiCorp at IPO filing (Nov 2021)

Operating Margin (LTM GAAP)

-22percent

HashiCorp, pre-IPO growth-stage SaaS

Revenue Growth

55percent

LTM

HashiCorp at IPO filing (Nov 2021)

Revenue Growth (LTM)

55percent

HashiCorp, pre-IPO SaaS infrastructure company

S&M Expense as % of Revenue (LTM)

59percent

HashiCorp, cloud infrastructure SaaS

S&M Spend as % of Revenue

59percent

LTM

HashiCorp at IPO filing (Nov 2021)

Security/Secrets Management Market Size (2021)

16.3billion USD

Vault addressable market (Vault product)

Security/Secrets Management Market Size (2026 Forecast)

20.8billion USD

Vault addressable market projection

Workload Orchestration Market Size (2021)

0.7billion USD

Nomad addressable market (Nomad product)

Workload Orchestration Market Size (2026 Forecast)

8.8billion USD

Nomad addressable market projection