Kathy Choi

Partner, Meritech Capital · 1 appearance on the record.

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She joined Meritech Capital in 2024, focusing on enterprise software, AI infrastructure, cybersecurity, and fintech. Prior to Meritech, she led enterprise software growth investments at Permira and advised private equity clients at the Boston Consulting Group.

9statements → 8claims → 8claims resolved → 75%fully supported → 3.89/5average certainty → 1.78/5average debate potential →

6 supported 1 partly supported 1 contradicted how the 8 claims stand · each chip opens the sources

1 prediction · 7 assertions · 1 what if · every statement was checked. The prediction and assertions are the 8 claims: statements the public record can support or contradict. 8 are resolved. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Kathy argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported

Choi: Software valuation multiples have zero correlation with revenue size

“Here we have a regression that charts AOR multiples today versus the implied AOR scale of the most recently reported quarter of a 139 different software companies. And I want to draw your attention to the r squared value of this regression... And so we see her…”

Kathy Choi Feb 21, 2025 ▶ 12:23 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Their most notable contradicted claim

Assertion Contradicted

Choi: Revenue CAGR has zero correlation with post-IPO share appreciation

“Now this charts the same y-axis, but on the x-axis you'll see revenue growth compounded annually. And so the R spread here, you can see it's much more scattered, is 0.03.”

Kathy Choi Feb 21, 2025 ▶ 13:27 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Expressed certainty vs assessment result

none yet certainty 1

none yet certainty 2

100% certainty 3

79% certainty 4

none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

What they said9 Episodes1

Everything Kathy Choi said on the Official SaaStr Podcast that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Supported

Choi: Software valuation multiples have zero correlation with revenue size

Kathy Choi Feb 21, 2025 ▶ 12:23 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Assertion Contradicted

Choi: Revenue CAGR has zero correlation with post-IPO share appreciation

“Now this charts the same y-axis, but on the x-axis you'll see revenue growth compounded annually. And so the R spread here, you can see it's much more scattered, is 0.03.”

Kathy Choi Feb 21, 2025 ▶ 13:27 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Prediction Held up

Choi: Public markets will likely value SaaS IPOs at 7x–11x ARR

“And you'll see that companies are trading between this seven times to 10, 11 times range, with the exception of 20 20 and 21. And this is also important to note because irrespective of what private markets are valuing you at today, public markets are still lik…”

Kathy Choi Feb 21, 2025 ▶ 7:46 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Assertion Supported

Choi: Share price appreciation strongly correlates with cumulative dollar growth

“On the left here, we see a regression that charts the share price depreciation from IPO to today versus how much revenue has increased in dollar amounts from IPO to today. And you'll see here that the R spread value is, 0.74, which is fight high and applying a…”

Kathy Choi Feb 21, 2025 ▶ 13:04 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Assertion Supported

Choi: Average ARR for SaaS IPOs has jumped to $300M–$500M

“Here we have the average ARR scale of companies at IPO quarter, and you'll see the tremendous increase from 2009, 2010, where companies were going public between 50 to a hundred million of ARR, And in today's markets, more recently, companies are in well over …”

Kathy Choi Feb 21, 2025 ▶ 4:50 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

What-if

Choi: HubSpot generated $11B in market cap from post-IPO new products

“And they had added essentially eleven billion dollars of additional market cap value that wouldn't exist if it weren't for these new products.”

Kathy Choi Feb 21, 2025 ▶ 14:46 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Assertion Partly supported

Meritech: SaaS companies average 10 years from founding to IPO

“First, we see that on average, it takes companies about 10 years from founding to IPO. Here we have the average years to IPO hovering around that 10 year mark over this 15 year period.”

Kathy Choi Feb 21, 2025 ▶ 4:20 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Assertion Supported

Choi: Klaviyo went public at $7.6B valuation on just $16M burn

“Klaviyo is a leading market automation company, and they went public in September of last year with a market cap of 7.6 billion dollars. There are around seven hundred million of ARR and are trading today and at 10 times ARR multiple. And one thing that's uniq…”

Kathy Choi Feb 21, 2025 ▶ 8:19 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Assertion Supported

Choi: Rubrik IPO'd at $5.6B Valuation After Burning Over $700M

“This is a data management and security software platform that went public in April with a market cap of 5.6 billion dollars. They were around eight hundred million of ARR and are now trading at seven times ARR multiple. And you'll notice that difference in cas…”

Kathy Choi Feb 21, 2025 ▶ 8:41 The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital

Appearances (1)

Episode	Date	Speaking time
The Real Data on What it Takes to Go Big and Eventually IPO with Meritech Capital	Feb 21, 2025	7m

Kathy Choi

The record, in short

Their most notable supported claim

Their most notable contradicted claim

Expressed certainty vs assessment result

Appearances (1)

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