We read through the prospectuses of five of the most high-profile SaaS IPOs of the past two years: Figma, ServiceTitan, Klaviyo, Rubrik, and Netskope. Below are the patterns that showed up across all five.
They all started simple and got complex later. All these companies started with one or two pricing plans tied to a simple value metric like seats, contacts, data managed, users. Complexity came later, and only in response to what customers actually needed. Figma had a Starter and Professional plan for years before launching Organization and Enterprise tiers in 2018 and 2022. Klaviyo priced on contact volume. Netskope started with straightforward platform pricing before expanding its module set. Don’t over-engineer pricing early; hold off on complexity for as long as you can.
Product-led growth was the initial on-ramp to enterprise sales. Figma and Klaviyo both grew virally before they ever hired a sales rep. Figma didn’t bring on its first sales hire until 2018, three years after launch. Klaviyo built a massive SMB base through self-serve before layering in an enterprise motion. Even Netskope, which goes predominantly through channel partners, built product credibility before scaling distribution.
Net dollar retention is a north star metric. All five companies had NDR well above 100% at IPO. Figma was at 132%. Rubrik was at 133%. Klaviyo was at 119%. Netskope was at 118%. What this means in practice is that even without adding a single new customer, these businesses were growing. That’s the compounding effect of high-quality ARR, and it’s the single most important financial characteristic shared across all five. If your NDR is below 100%, the math on everything else gets much harder.
International revenue was a meaningful part of the story. Every one of these companies had built real international businesses by the time they went public. Figma was generating 53% of revenue outside the US. Netskope was at 43% internationally. Klaviyo was around 30%. International expansion is a must for the best SaaS businesses to hit IPO scale.
GAAP profitability wasn’t required, but improving trajectory was. Rubrik and ServiceTitan were still posting net losses at IPO. Netskope’s GAAP operating margin was -92% in fiscal 2026, driven largely by $516M in stock-based compensation. But in every case, the trend line was moving in the right direction: cash efficiency improving, gross margins expanding, operating losses narrowing as a percent of revenue. Investors weren’t looking for profitability. They were excellent growth and retention, with evidence that profitability was achievable.
Cross-selling is a big scaler. Each company expanded ARR within existing customers by launching adjacent products tied directly to the core platform. Figma launched Dev Mode and Slides. Klaviyo added SMS. ServiceTitan expanded into FinTech and payments. Netskope layered data loss prevention, zero-trust access, and secure web gateway onto its core platform. Nothing that seems to have mattered felt like a bolt-on.
They were all founder-led at IPO. Every one of the five companies remained founder-led through the public offering. Figma really stands out as Dylan Field was only 33 and owned 12% of the business.
Thank you for your readership. See more blogs and SaaS data at blossomstreetventures.com. Other resources we’ve built for founders include: SoftwareMultiples.com; softwareMRRcalculator.com; FounderInvited.com, and TwoFoundersTalk.com. Founders are always welcome to reach out to sammy@blossomstreetventures.com as well.