Economy
Market cap, P/S, bubble index, funding rounds.
Top 12 terms
Annual revenue divided by headcount · leverage metric for AI labs where the ratio hits $3M+ vs SaaS at $300K.
Revenue minus inference + training + data costs · AI labs at 50-70%, vs pure SaaS at 80-90%.
Net cash burned divided by net new ARR · < 1× is healthy · AI startups often run 2-5× pre-scale.
% of revenue from top customers · AI labs often 40-60% from top 10 vs SaaS median <20%.
Gross Merchandise Value · total dollar value of transactions · used for marketplace AI products.
Lifetime Value divided by Customer Acquisition Cost · >3× is healthy · AI consumer apps tracking 2-4×.
The network of capital flowing into AI · which funds + corporates dominate which tier of deals.
Reduction in existing shareholder ownership % after new equity issuance · typical 15-25% per round.
Employee Stock Ownership Plan · pool of shares set aside for employees · typical 10-20% of cap table.
Anti-dilution provision that adjusts conversion price if a later round is at lower valuation · full vs weighted-average.
Annualized Recurring Revenue · the standardized metric SaaS and AI companies report to investors.
The capital expenditure AI labs and hyperscalers spend on chips, datacenters, and training clusters.