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SoOnly a few allow extremely high burn. Only 2 companies have a revenue to burn ratio below -1x. Snowflake and Qualtrics are the violators here, for instance Snowflake at IPO had operating loss of -$358mm versus revenue of $264mm. It’s a fraught road to allow a business to generate such a high level of burn relative to revenue, and as you can see only 2 out of 41 SaaS companies that went public in the past few years have pulled it off.