Maybe I’m missing something, but how are names like $CRWD, $SNOW, $NET, $MDB, $ASAN, and $U still unprofitable? These aren’t tiny startups anymore some have been around for 10–15 years and are well past the crazy hypergrowth phase. Gross margins are like 80%, so the business model clearly works.

Is it just endless spending on sales, marketing, and R&D? Or is stock-based comp doing more damage than people admit? Feels like at some point profits should show up.

Do these companies eventually flip the switch, or is this just the new normal for SaaS?