top of page

The ICONIQ State of Software 2025 Report


with the Metrics Brothers

Growth, efficiency, and the age of AI.

Dave "CAC" Kellogg and Ray "Growth" Rike break down Iconiq’s latest State of Software 2025 Report, exploring how today’s top SaaS and AI companies are rethinking the playbook for scale.


They unpack key findings and performance trends from 127 leading software companies, including:

  • R40 emerging as the strongest predictor of value across both public and private markets

  • AI adoption accelerating, with 94% of earnings calls mentioning AI or “agents”

  • Efficiency improving as burn multiples decline and ARR per employee climbs

  • AI-native leaders like ElevenLabs, Cursor, and Glean reaching $100M ARR in record time


This episode explores how AI is redefining growth models, valuation drivers, and operational excellence in the modern software era.

bottom of page