1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Valuation
4. Offer Terms
5. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
AMPL
Listed on
2021-09-28
Sector
Information Technology
Subsector
Software
Offer Price
$50.00
Shares Offered
35.4M
110.07M
$5.5B
32.2%
Implied Upside vs Midpoint
Description
Note: This is NOT an IPO. Amplitude, Inc., is offering shares of Class A common stock in a direct listing on the NASDAQ, with its stock expected to begin trading on or about Sept. 28, 2021. There are no underwriters. The financial advisors for the direct listing are Morgan Stanley, BofA Securities, Inc., Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, UBS Securities LLC, (UBS Investment Bank”), and William Blair & Company, L.L.C. Note: NASDAQ set a reference price of $35 for Amplitude’s Class A common stock on Monday, Sept. 27, 2021, after the stock market’s close, Bloomberg reported. The reference price is meant only as a guide. **Note: Amplitude’s stock opened at $50 on Tuesday, Sept. 28, 2021, when the stock started trading on NASDAQ after its direct listing. At that opening price, the direct listing raised $1.77 billion when it began trading on the NASDAQ. The stock closed on Tuesday at $54.80. Background: In the third quarter of 2021 through Sept. 10, 2021, a total of 176,990 shares of Amplitude were sold at a volume-weighted average price of $35.41 in private transactions, according to the prospectus. We are pioneering a new category of software called Digital Optimization. Our Digital Optimization System serves as the command center for businesses to connect digital products to business outcomes. Digital optimization is emerging as a strategic investment for every company to survive in the digital-first world. Digital products are embedded in every part of our daily lives. In 2020, U.S. adults spent nearly 8 hours on average per day on digital activities. Digital has become the primary way business is done, and the ability for companies to offer compelling digital products and services has become a matter of survival. Digital products have become the center of how companies interact with customers. Digital-native companies like Twitter, DoorDash, PayPal, and Dropbox invest heavily in product innovation to fuel a product-led adoption model. It is not only the companies born in the past two decades that are betting it all on digital. Walmart, Disney, and IBM are reinventing their businesses around digital. Digital is the battleground and the businesses that fail to rise to the challenge and adapt to this new reality will face an existential crisis.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 52.6x | 20.2x | ||
Revenue growth | 49.7% | 55.9% | ||
Gross margin | 70.3% | 73.8% | ||
Operating margin | -23.4% | -12.2% | ||
Net margin | -24.0% | -22.8% | ||
Free cash flow margin | -11.1% | -5.7% | ||
Rule of 40 | 27.9% | 26.2% | ||
Net cash / market cap | 2.1% | 0.5% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 2.79 | 1.65 | ||
Stock comp / revenue | 16.2% | 9.4% | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2021-08-30 | S-1 | — | — | 827,609 | — |
| 2021-09-13 | S-1/A | — | — | 35,398,389 | — |
| 2021-09-28 | 424B4 | — | — | 35,398,389 | — |
Amplitude, Inc. income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2022after listing | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | $238M | $276M | $299M | $343M |
| Gross profit | $168M | $204M | $222M | $254M |
| Net income | ($93.4M) | ($90.4M) | ($94.3M) | ($88.5M) |
| Revenue growth | — | 16.1% | 8.3% | 14.7% |
| Gross margin | 70.4% | 74.0% | 74.3% | 74.0% |
| Net margin | −39.2% | −32.7% | −31.5% | −25.8% |
| Metric | FY Dec 2022after listing | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | $414M | — | $446M | $421M |
| Total liabilities | $119M | — | $149M | $175M |
| Total equity | $295M | $295M | $297M | $245M |
| Cash & equivalents | $218M | $249M | $172M | $81.1M |
Backlog (RPO) $483M, +34.9% vs a year ago (as of Jun 30, 2026, 10-Q)
Fiscal years parsed from inline XBRL in the company's SEC filings. Parentheses indicate negative values; growth compares the same length of period a year earlier.