Maybe we were valuing software companies the wrong way all along

What’s a software company worth? It’s not an idle question, but one that underpins a huge amount of private-market investment and human effort.
In 2021, the presumed value of software revenues grew, adding to a longer upcycle that pushed tech companies’ valuations into the stratosphere. Since late 2021, however, a decline in tech valuations in private and public markets has entirely shaken up the game. And then, after quarters of declines, tech stocks took another gut punch Friday, with a key index tracking the value of cloud and SaaS stocks reaching a fresh 52-week low.
The

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