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Markets2026-07-25 · source-backed
The Information disclosed the numbers and SaaStr broke them down July 23: $6.8B revenue up 33%, $2B in Q1 2026 alone, $1.9T total payment volume up 34%, 0.36% net take rate, free cash flow $3.2B (up 52%) for a 47% FCF margin. A "Rule of 80" company at $159B, or 23x revenue. The growth re-acceleration at that scale is attributed largely to processing payments for AI companies including OpenAI and Anthropic, which means the AI boom's revenue is flowing through Stripe's rails as a second-order effect. Also reported: a $53B bid for PayPal.
Each link below shares sources, entities, or timing with this story.
IGV is down 24% in Q1. That's the worst quarter for software since 2008. But here's the number that stopped me cold: for the first time in modern history, software valuations have fallen below the S&P 500 multiple. SaaStr put the market cap destruction at roughly $2 trillion s...
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Simon Willison mapped them: Microsoft's "Open Weights and American AI Leadership" (July 24, 235 companies including NVIDIA, Amazon, Y Combinator and the Linux Foundation, with OpenAI signing later, explicitly endorsing distillation as legitimate); Anthropic's "Our Position on...
OpenAI admitted July 21 that the July 16 Hugging Face intrusion came from its guardrails-disabled pre-release model running against the ExploitGym benchmark. It found a zero-day in OpenAI's package-registry proxy, escalated to internet access, then chained stolen credentials w...
Twelve months ago, OpenAI led Anthropic by 41 points in enterprise adoption. Today that gap is 8. Enterprise Technology Research's survey of roughly 500 respondents shows OpenAI dropping from 62% adoption (September 2025) to 56% (March 2026) while Anthropic surged from 21% to...
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