The Cloud Giants: Hyperscalers want to lock customers into their own walled gardens, forcing companies to use their specific proprietary AI tools.The Private Rival: Databricks, a primary competitor, is reportedly generating nearly $4.8 billion in annualized revenue and is preparing for a massive initial public offering (IPO). They are growing rapidly and challenging Snowflake for market share.To understand why Snowflake is investing $200 million in this partnership, investors must look at the competitive la ...

EMERGING TECH RESEARCH Enterprise SaaS Public Comp Sheet and Valuation Guide Q4 2025 Institutional Research Group Derek Hernandez Senior Research Analyst, Enterprise SaaS and Infrastructure SaaS derek.hernandez@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on January 22, 2025 Contents Key takeaways 2 Stock returns 5 Revenue 6 EBITDA 8 3 ENTERPRISE SAAS PUBLIC COMP SHEET AND VALUATION GUIDE PitchBook clients can access the full Excel data pack for this report via the Research Center on the Pi ...

以下文章来源于氪睿研究院 从表面数据看，2026年全球IPO市场正在回升。多国交易所的上市储备项目增加，AI、硬科技、能源与先进制造成为高频关键词，市场开始重新讨论"IPO 窗口期"的打开。这一现象，容易被解读为资本市场风险偏好的修复。 但如果进一步拆解结构，会发现这一轮IPO并不符合以往"周期复苏"的典型特征。 首先，上市企业的类型发生了显著变化 能够顺利推进IPO的公司，集中于少数行业和赛道，且普遍具备高资本密度、长周期投入和强政策关联特征；而大量轻资产、应用导向或依赖叙事驱动的 企业，仍然停留在上市门外。 其次，IPO的定价逻辑正在发生位移 过去二十年，资本市场更倾向于为"增长潜力"定价；而在当前高利率与地缘政治结构化的背景下，资本开始优先评估企业的战略必要性、现金流可验证性 以及长期资本承载能力。 这意味着，IPO正在从一种"市场奖励机制"，转变为一种战略资产筛选与定价机制。 在美国市场，算力、AI基础设施、航天与国防相关企业获得显著溢价，本质上反映的是资本对"未来关键基础设施"的提前定价；在中国市场，硬科技、新 质生产力与产业链关键环节加速进入资本市场，IPO更多承担的是产业升级与技术自主的制度功能 ...

These companies are significant in our economy, and investors really want access to these companies. At the same time, there are shareholders and executives and founders who have been in them for a long time and want to start seeing some liquidity from their shares, which are a very high percentage of their net worth.No doubt. Private companies are staying private much longer now. Many of these businesses — including SpaceX and other companies that would be top 30 in the S&P 500 — would historically have go ...

Snowflake Inc. (NYSE:SNOW) traded little changed Friday as investors weighed its AI-driven growth narrative against rising competition and a premium valuation.The company is pitching its platform as essential infrastructure for enterprise analytics and AI workloads.Analysts’ TakeBank Of America analyst Koji Ikeda reiterated the Buy rating on the stock, lowering the price forecast from $310 to $275.The analyst writes that investors debate whether product revenue can maintain a high 20% growth or reaccelerate ...

Core Viewpoint - Snowflake Inc. is positioned as essential infrastructure for enterprise analytics and AI workloads, but faces challenges from rising competition and a premium valuation [1] Analyst's Take - Bank of America analyst Koji Ikeda maintains a Buy rating on Snowflake, lowering the price forecast from $310 to $275, while noting that product revenue growth could sustain a high 20% or potentially reaccelerate [2] - Ikeda believes that as AI adoption increases, customer spending on Snowflake's services should also rise, reinforcing its role as foundational infrastructure for enterprise data and AI workloads [2] - The analyst anticipates Snowflake will achieve top-tier growth compared to infrastructure software peers, alongside improving free cash flow margins [3] Competitive Landscape - The price forecast was reduced due to changing growth expectations, rising risks, and sector multiple compression [4] - Snowflake's stock trades at a premium compared to infrastructure software peers, but the valuation appears more reasonable when adjusted for growth rates [4] - Competition from hyperscalers and Databricks is highlighted as a significant risk, with potential impacts on pricing and the need for increased investment in innovation [4] Market Performance - As of the latest trading session, Snowflake shares are down 0.6%, trading at $198.13 [5]

史上最大IPO来临，马斯克开始准备殖民火星了。 全球首富马斯克旗下的太空探索技术公司SpaceX正在全力筹备，可能在今年6月马斯克生日左右（6月 28日）进行首次公开募股（IPO）。届时SpaceX可能会融资至多500亿美元，目标估值高达1.5万亿美 元，创下全球IPO史上的最高纪录。 马斯克目前持有SpaceX超过43%的股份，如果按照这样的融资金额和估值规模，马斯克所持的股份价值 将超过6000亿美元。这意味着他不需要特斯拉的万亿美元薪酬计划，今年就能成为第一个身价万亿美元 的超级富豪。 在最近一轮内部股权交易中，SpaceX的估值已达到惊人的8000亿美元，较2025年7月的4000亿美元估值 翻了一番，超越OpenAI重新成为全球最具价值的非上市公司。这场备受瞩目的上市计划不仅将改写资 本市场历史，更标志着商业航天从小众科技探索转向主流投资标的的关键转折点。 从濒临破产到太空霸主 回顾SpaceX的创业历程，充满了戏剧性与传奇色彩。2001年，在PayPal失去掌控权后，马斯克抛售股份 套现了1.8亿美元，决定开始自己的新一段创业冒险。 他先是亲自飞到了俄罗斯，试图购买翻新的洲际导弹以推进他"火星绿洲 ...

Loading the player…paceX is reportedly lining up four major Wall Street banks for a 2026 IPO that could provide the reset the market needs. The company just completed a tender offer at an $800 billion valuation, and secondary market demand is through the roof. If SpaceX goes public anywhere near its rumored $1.5 trillion valuation, it could trigger an IPO cascade for other late-stage unicorns like OpenAI, Stripe, and Databricks. Watch as Equity host Rebecca Bellan chats with Greg Martin, Managing Director a ...

Applying its Agentic AI Framework, Kyndryl can seamlessly integrate AI solutions into customers' selected platforms, like SAP, to drive adoption at scale and business impact. Kyndryl's SAP CoE builds on its longstanding strategic partnership with SAP and recent recognition as a global RISE with SAP delivery partner. Visit Kyndryl's transformation services for SAP to learn more. About Kyndryl NEW YORK, Jan. 27, 2026 /PRNewswire/ -- Kyndryl (NYSE: KD), a leading provider of mission-critical enterprise technol ...

Investment Rating - The report does not explicitly provide an investment rating for the data intelligence service industry Core Insights - The data intelligence service industry is experiencing explosive growth driven by the integration of data as a core production factor and artificial intelligence technology, reshaping global industrial competition [6][7] - The industry is characterized by a high degree of knowledge and technology density, multi-modal development, and tight industrial collaboration, indicating a significant transformation in traditional data and AI sectors [23][30] - The report emphasizes the importance of data quality and governance as critical factors for the success of AI applications, highlighting that without high-quality data, effective AI solutions cannot be achieved [19][22] Summary by Sections Overview of the Data Intelligence Service Industry - The data intelligence service industry is defined as a new type of industry driven by the deep integration of AI and data engineering technologies, focusing on creating a new supply system for intelligent capabilities [13][16] - The industry is recognized as a key variable in the development of AI and data sectors, receiving significant attention from major global economies [13][20] Key Elements of the Data Intelligence Service Industry - The report identifies eight core elements that support the prosperity of the data intelligence service ecosystem, including technology, resources, products, infrastructure, platforms, models, tools, and talent [36][39] Data Intelligence Service Industry Chain - The industry chain consists of four layers: foundational, technical, application, and support, which together create a complete collaborative ecosystem for innovation and value transformation [50][54] - The foundational layer includes computing facilities, data infrastructure, and data governance services, which provide essential resources for downstream innovation and application [55][56] Global Development Trends - The United States holds a dominant position in the global data intelligence service industry, driven by disruptive technologies and active private capital [33] - The European Union adopts a differentiated competitive strategy, focusing on strict regulatory frameworks and industrial depth to shape global standards [34] - China is rapidly emerging as a highland for data intelligence applications, leveraging its vast data resources and market scale to explore new paths for data factorization [35] Importance of Data Intelligence Services - Data intelligence services extend the value chain of the data industry, transforming raw data into high-quality datasets for AI applications, thus enhancing the efficiency and circulation of data elements [27][28] - The industry creates diverse employment opportunities, contributing to social stability and economic development [31]