What It Takes to Become a Public SaaS Company: Part 1 – IPO Readiness Metrics & Benchmarks

This article establishes comprehensive benchmarks for SaaS companies seeking to go public by analyzing 36 IPOs since 2018, showing that successful IPO candidates typically achieve ~$200M ARR with 50%+ YoY growth, 121% NRR, and 25-month CAC payback. The author argues that IPO markets are never truly closed for exceptional businesses; rather, during volatility spikes, the evaluation filter becomes more stringent, favoring companies with efficient unit economics and strong profitability trajectories. The article provides detailed metrics across revenue, growth, unit economics, margins, and expense ratios to guide founders on IPO readiness targets.