, are enjoying business tailwinds from prescient early efforts in AI. Artificial intelligence seems poised to remake the sector.
This rebalancing of cloud’s elite order is already starting to take shape. Eight companies rose by 30 or more places on this year’s ranking, and eight others fell by that much. And with Figma being the lone 2022 honoree ineligible for this year’s list — due to its pending $20 billion One key factor is the IPO market, which is slowly opening back up with a few companies like Mediterranean food chain Cava enjoying financial boosts since going public. But cloud software companies remain reticent to test the waters. “Nobody wants to be the first one to dive in,” Peter McKay, CEO of No. 19 Snyk, told. “I don’t know if it’s freezing cold or boiling hot, but I’m going to let a whole bunch go before.
“I would not have done it any differently,” he said. “When you think of the majority of companies taking a 50% haircut if they’re public, a $7.4 billion valuation with clean terms in a market like this — that’s still pretty good.”
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