software investing.
Deep dives on software and platform companies. SaaS metrics, competitive moats, and the numbers behind the narratives.
SoftwareFIG
Figma: The $65 Billion Haircut That Created the Best Risk/Reward in SaaS
Figma lost 87% of its market cap in eight months while growing revenue 41% and posting 136% net dollar retention. The market is pricing in extinction. The numbers say otherwise.
SoftwareDDOG
Datadog: The Observability Tax on Every AI Workload
Datadog generated $3.43 billion in FY2025 revenue, grew bookings 37%, and landed two $100M+ deals. The stock is down 43% from its high. AI does not replace observability. It multiplies it.