Print

How they make money. Who builds the product. The mix is how the book is usually told — not a filing.

Industries·Cases·Print·Two books·Line·Ranks·Wall·Reports·Cuts·Lessons·Card·Working·VC

Today · two booksWaymo vs Tesla: different books, same decadeRobotaxi rides, still small against Alphabet. The product is the mile without a driver. Cars first. Energy growing. FSD and robotaxis are the option.

Waymo

Tesla

Ride revenue40%—
Parent / other60%—
Automotive—80%
Energy—12%
Services / other—8%
WaymoTesla

How does Creatio print?
Recurring seats, then services. The AE sells the cloud.
How does Grafana Labs print?
Recurring seats, then services. The AE sells the cloud.
How does Gong.io print?
Recurring seats, then services. The AE sells the cloud.
How does Navan print?
A take-rate on the transaction.
How does SAP print?
Recurring seats, then services. The AE sells the cloud.
How does HashiCorp print?
Recurring seats, then services. The AE sells the cloud.
How does Confluent print?
Recurring seats, then services. The AE sells the cloud.
How does Sigma Computing print?
Recurring seats, then services. The AE sells the cloud.
How does ScaleOps print?
Recurring seats, then services. The AE sells the cloud.
How does Rubrik print?
Recurring seats, then services. The AE sells the cloud.
How does Everpure print?
Recurring seats, then services. The AE sells the cloud.
How does Snowflake print?
Consumption. Credits burned in the warehouse. The commit is the forecast.
How does Databricks print?
Consumption on the lakehouse. The AE sells the commit. Usage is the bill.
How does World Wide Technology print?
Recurring seats, then services. The AE sells the cloud.
How does Wiz print?
Recurring seats, then services. The AE sells the cloud.
How does Arista print?
Recurring seats, then services. The AE sells the cloud.
How does ServiceNow print?
Recurring seats, then services. The AE sells the cloud.
How does Hightouch print?
Recurring seats, then services. The AE sells the cloud.
How does Harvey print?
API and seats on a model. Tokens are the COGS.
How does Google print?
Ads are still the book. Cloud is the growth line. YouTube and subscriptions sit under ads.
How does Google Cloud print?
Recurring seats, then services. The AE sells the cloud.
How does Varonis print?
Recurring seats, then services. The AE sells the cloud.
How does Oscilar print?
Recurring seats, then services. The AE sells the cloud.
How does Stripe print?
A take-rate on payment volume. Billing, Treasury, and Issuing sit on the same pipe.
How does OpenAI print?
API usage first. ChatGPT subscriptions second. Enterprise seats on top of both.
How does Anthropic print?
Mostly API. Claude seats sit on top. Less consumer habit than OpenAI.
How does Datadog print?
Recurring seats, then services. The AE sells the cloud.
How does Cloudflare print?
Recurring seats, then services. The AE sells the cloud.
How does Figma print?
Recurring seats, then services. The AE sells the cloud.
How does Notion print?
Recurring seats, then services. The AE sells the cloud.
How does Rippling print?
Recurring seats, then services. The AE sells the cloud.
How does Ramp print?
A take-rate or a net-interest line. Software on the same pipe.
How does HubSpot print?
Recurring seats, then services. The AE sells the cloud.
How does Salesforce print?
Recurring subscriptions on the CRM. Services around the seat.
How does Palantir print?
Government platforms first. Commercial AIP growing. Bootcamps sell the next seat.
How does NVIDIA print?
Data-center GPUs. Gaming is the old book. Auto and OEM are the rest.
How does Meta print?
Almost all ads. Reality Labs spends. The apps collect the attention.
How does Microsoft print?
Azure and Office. GitHub and OpenAI sit inside the cloud story.
How does Amazon print?
Stores are the sales. AWS is the profit. Ads are the quiet third engine.
How does Apple print?
iPhone first. Services second and compounding. Hardware around the phone.
How does Cursor print?
Seats on the editor. Usage on the models underneath. Teams on top.
How does Vercel print?
Recurring seats, then services. The AE sells the cloud.
How does Coinbase print?
Trading fees when volume is hot. Subscription and services when it is not. Interest on the float.
How does Uber print?
A take-rate on mobility and delivery. Ads and membership attach.
How does Airbnb print?
Host and guest fees on nights booked. Experiences are small.
How does Shopify print?
Subscription on the store. Then a take-rate on GMV. Plus merchant solutions.
How does CrowdStrike print?
Recurring seats, then services. The AE sells the cloud.
How does MongoDB print?
Recurring seats, then services. The AE sells the cloud.
How does Atlassian print?
Recurring seats, then services. The AE sells the cloud.
How does LinkedIn print?
Talent solutions. Then ads. Then Premium. Microsoft owns the book.
How does GitHub print?
Recurring seats, then services. The AE sells the cloud.
How does GitLab print?
Recurring seats, then services. The AE sells the cloud.
How does Brex print?
A take-rate or a net-interest line. Software on the same pipe.
How does Linear print?
Recurring seats, then services. The AE sells the cloud.
How does Canva print?
Recurring seats, then services. The AE sells the cloud.
How does Adobe print?
Creative Cloud seats. Document Cloud. Experience Cloud on the side.
How does Anduril print?
Defense contracts. Hardware plus Lattice. The buyer is a government.
How does Scale AI print?
API and seats on a model. Tokens are the COGS.
How does Perplexity print?
Pro seats and API. Ads are the open question.
How does xAI print?
Grok and the API, with distribution through X. Compute is the constraint.
How does Figure print?
Mostly not yet. Pilots and the next raise. The product is the humanoid.
How does Boston Dynamics print?
Hardware and programs. Recurring software if they get there.
How does Physical Intelligence print?
Hardware and programs. Recurring software if they get there.
How does Agility Robotics print?
Hardware and programs. Recurring software if they get there.
How does Apptronik print?
Hardware and programs. Recurring software if they get there.
How does 1X print?
Hardware and programs. Recurring software if they get there.
How does Skild AI print?
Hardware and programs. Recurring software if they get there.
How does Zipline print?
Hardware and programs. Recurring software if they get there.
How does Nuro print?
Hardware and programs. Recurring software if they get there.
How does Waymo print?
Robotaxi rides, still small against Alphabet. The product is the mile without a driver.
How does Tesla print?
Cars first. Energy growing. FSD and robotaxis are the option.
How does Intuitive print?
Hardware and programs. Recurring software if they get there.
How does Symbotic print?
Hardware and programs. Recurring software if they get there.
How does Skydio print?
Hardware and programs. Recurring software if they get there.
How does Shield AI print?
Hardware and programs. Recurring software if they get there.
How does Hadrian print?
Hardware and programs. Recurring software if they get there.
How does Path Robotics print?
Hardware and programs. Recurring software if they get there.
How does Standard Bots print?
Recurring seats, then services. The AE sells the cloud.
How does iRobot print?
Hardware and programs. Recurring software if they get there.
How does Locus Robotics print?
Hardware and programs. Recurring software if they get there.
How does FANUC America print?
Hardware and programs. Recurring software if they get there.
How does Relativity Space print?
Hardware and programs. Recurring software if they get there.
How does Equinix print?
Colocation rent. Interconnection on top. Recurring, contractual.
How does Digital Realty print?
Space, power, and hours on the rack.
How does CoreWeave print?
GPU hours. Reserved clusters. The customer is a lab or a cloud that ran out.
How does Crusoe print?
Recurring seats, then services. The AE sells the cloud.
How does Lambda print?
Space, power, and hours on the rack.
How does Vantage print?
Space, power, and hours on the rack.
How does QTS print?
Space, power, and hours on the rack.
How does Vertiv print?
Space, power, and hours on the rack.
How does Oracle print?
Recurring seats, then services. The AE sells the cloud.
How does Kraken print?
Fees on flow. Services when the tape is quiet.
How does Circle print?
Fees on flow. Services when the tape is quiet.
How does Ripple print?
Fees on flow. Services when the tape is quiet.
How does Chainalysis print?
Fees on flow. Services when the tape is quiet.
How does Consensys print?
Fees on flow. Services when the tape is quiet.
How does SpaceX print?
Starlink is the volume line. Launch is the original book. Starship is the bet.
How does Blue Origin print?
Programs and contracts. Hardware you can point at.
How does Rocket Lab print?
Programs and contracts. Hardware you can point at.
How does Applied Intuition print?
Hardware and programs. Recurring software if they get there.
How does Netflix print?
Subscriptions. Ads are a newer, smaller line. Content is the cost.
How does Spotify print?
Premium subscriptions, then ads on the free tier. Labels take most of it.
How does Snap print?
Attention, then a subscription if they can attach one.
How does Pinterest print?
Attention, then a subscription if they can attach one.
How does Roblox print?
Attention, then a subscription if they can attach one.
How does Discord print?
Attention, then a subscription if they can attach one.
How does DoorDash print?
A take-rate on the transaction.
How does Lyft print?
A take-rate on the transaction.
How does Robinhood print?
A take-rate or a net-interest line. Software on the same pipe.
How does Block print?
A take-rate or a net-interest line. Software on the same pipe.
How does Intuit print?
A take-rate or a net-interest line. Software on the same pipe.
How does Workday print?
Recurring seats, then services. The AE sells the cloud.
How does Okta print?
Recurring seats, then services. The AE sells the cloud.
How does Zscaler print?
Recurring seats, then services. The AE sells the cloud.
How does Rivian print?
Hardware and programs. Recurring software if they get there.
How does AMD print?
Chips into a market. Data center if they are lucky.
How does Jane Street print?
Trading P&L. There is no SaaS attach. The desk is the product.
How does Citadel print?
Multi-strat trading P&L. Fees on outside capital. The pod is the unit.
How does Two Sigma print?
Trading P&L. The desk is the product.
How does D. E. Shaw print?
Trading P&L. The desk is the product.
How does Millennium print?
Trading P&L. The desk is the product.
How does Point72 print?
Trading P&L. The desk is the product.
How does Hudson River Trading print?
Trading P&L. The desk is the product.
How does Renaissance print?
Trading P&L. The desk is the product.
How does Jump print?
HFT and principal trading. Crypto and traditional. Speed is the product.
How does DRW print?
Trading P&L. The desk is the product.
How does Akuna Capital print?
Trading P&L. The desk is the product.
How does Optiver print?
Trading P&L. The desk is the product.
How does IMC print?
Trading P&L. The desk is the product.
How does Moderna print?
Product sales on approved shots. Collaboration on the pipeline.
How does Vertex print?
Product sales if approved. Collaboration on the pipeline.
How does Regeneron print?
Product sales if approved. Collaboration on the pipeline.
How does Gilead print?
Product sales if approved. Collaboration on the pipeline.
How does Genentech print?
Product sales if approved. Collaboration on the pipeline.
How does Tempus print?
Product sales if approved. Collaboration on the pipeline.
How does Recursion print?
Product sales if approved. Collaboration on the pipeline.
How does Benchling print?
Product sales if approved. Collaboration on the pipeline.
How does Isomorphic Labs print?
Product sales if approved. Collaboration on the pipeline.
How does Xaira print?
Product sales if approved. Collaboration on the pipeline.
How does Cognition print?
API and seats on a model. Tokens are the COGS.
How does Glean print?
API and seats on a model. Tokens are the COGS.
How does Thinking Machines print?
API and seats on a model. Tokens are the COGS.
How does Helion print?
Recurring seats, then services. The AE sells the cloud.
How does Commonwealth Fusion print?
Recurring seats, then services. The AE sells the cloud.
How does Fervo Energy print?
Recurring seats, then services. The AE sells the cloud.
How does Oklo print?
Recurring seats, then services. The AE sells the cloud.
How does Form Energy print?
Recurring seats, then services. The AE sells the cloud.
How does Watershed print?
Recurring seats, then services. The AE sells the cloud.
How does Redwood Materials print?
Recurring seats, then services. The AE sells the cloud.
How does Groq print?
API and seats on a model. Tokens are the COGS.
How does Cerebras print?
API and seats on a model. Tokens are the COGS.
How does SambaNova print?
API and seats on a model. Tokens are the COGS.
How does Runway print?
API and seats on a model. Tokens are the COGS.
How does ElevenLabs print?
API and seats on a model. Tokens are the COGS.
How does Midjourney print?
API and seats on a model. Tokens are the COGS.
How does Suno print?
API and seats on a model. Tokens are the COGS.
How does Sierra print?
API and seats on a model. Tokens are the COGS.
How does Abridge print?
API and seats on a model. Tokens are the COGS.
How does OpenEvidence print?
API and seats on a model. Tokens are the COGS.
How does Decagon print?
API and seats on a model. Tokens are the COGS.
How does IonQ print?
Trading P&L. The desk is the product.
How does PsiQuantum print?
Trading P&L. The desk is the product.
How does Reddit print?
Attention, then a subscription if they can attach one.
How does ByteDance print?
Attention, then a subscription if they can attach one.
How does Broadcom print?
Chips into a market. Data center if they are lucky.
How does Qualcomm print?
Chips into a market. Data center if they are lucky.
How does Joby Aviation print?
Recurring seats, then services. The AE sells the cloud.
How does Palo Alto Networks print?
Recurring seats, then services. The AE sells the cloud.
How does Together AI print?
API and seats on a model. Tokens are the COGS.
How does Fireworks AI print?
API and seats on a model. Tokens are the COGS.