GTM OpsSaaStr — Jason Lemkin

5 Interesting Learnings from Klaviyo at $1.2 Billion in ARR: 32% Growth, 110% NRR, and Somehow Only 4x Revenue

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Why I picked this

SaaS dead, dying or underpriced? Feels like a stock pickers market with attractive opportunities to me

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“4-5x forward revenue for a business growing 30%+, with expanding margins and $1 billion in cash. Something is off. Or is this the New Normal?”

Key takeaways

  • Klaviyo trading at 4-5x revenue despite 32% growth, 110% NRR, and profitability—potentially most mispriced public B2B company or signal of 'New Normal' for SaaS valuations
  • NRR improved to 110% while scaling to $1.2B ARR by doubling $1M+ ARR customers and growing $50K+ customers 37% YoY—rare upmarket expansion success at scale
  • International revenue grew 42% YoY and now represents 33%+ of business, breaking 'Shopify add-on' narrative with regional hubs in Dublin and Singapore

Why this matters for operators: Companies evaluating public market readiness, SaaS valuation benchmarks, upmarket expansion strategies

I cover AI×GTM intelligence like this every Wednesday.

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This analysis was produced using the STEEPWORKS system — the same agents, skills, and knowledge architecture available in the GrowthOS package.