Swisher: Justifying a $5B valuation requires a path to $5B revenue and $50B TAM
Lucas Swisher · Insights from Coatue's Growth Investor Lucas Swisher · 20VC with Harry Stebbings · Feb 23, 2026 · at 12:33
Lucas Swisher, growth investor at Coatue, outlines the specific revenue model and total addressable market math required to underwrite late-stage growth investments with high ARR multiples.
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“You need to believe that someday you can get to five billion of revenue with 30% margin minimum growing really fast. So what does that mean? I better believe there's fifty billion of revenue to go get.”
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