GTM OpsSaaStr — Jason Lemkin

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

Wednesday, April 15, 2026Read original

Why I picked this

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

market-consolidationrevenue-platform-consolidationback-to-basics-gtmplg-to-sales

“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?”

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.

Enterprise AIn8n Blog

n8n will be embedded as fully managed environment within SAP's Joule Studio on Business AI Platform
Integration provides visual AI workflow orchestration for SAP developers with built-in identity, access control, and compliance
Partnership positions n8n within SAP ecosystem alongside SAP Build and Integration Suite for agentic workflow capabilities

automation-stacksai-workflow-orchestrationenterprise-ai-adoption

Enterprise AIOpenAI

OpenAI creating separate entity (DeployCo) specifically for enterprise AI deployment
Implicit acknowledgment that frontier AI models alone don't translate to business value without implementation support
Signals growing market for AI implementation/consulting services as distinct from model development

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AI×GTMHello OperatorVictor's pick

cool thesis and also lots of great links here

Article title suggests contrarian view that AI could positively impact NRR, contrary to fears about AI reducing expansion revenue
References ServiceNow 2026 data and State of Martech 2026 report as potential evidence sources
Includes podcast interview with Tim Sanders from G2, likely discussing market trends and vendor landscape

ai-nrr-impactrevenue-platform-consolidationmartech-landscape

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