Lemkin: Growth VCs No Longer Discount Multiples for Low Gross Margins
Jason Lemkin · Anthropic Raises $30BN at $900BN Price | SpaceX Files S1: How Does it Trade | Cerebras Smashes Day 1 · 20VC with Harry Stebbings · May 21, 2026 · at 3:36
Jason Lemkin (SaaS investor and SaaStr founder) explains how valuation methodologies have shifted in recent private growth equity rounds.
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“Every growth I've been a part of, it's still AR multiples at the end of the day. No one's really doing discounts for lower gross margins like we did until, say, 20, 21 or 20, 22.”
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