> Let's assume deflated 6x revenue valiation

Salesforce trades at a 4x revenue multiple, FYI.

Also, taking a TAM and multiplying it by 5% to back into a revenue figure is “if we only get 1% of the market” math.

I’m not saying you’re directionally wrong. But the claims you’re making can be rigorously made. And I’d argue they’re interesting when they are.

At the end of the day, the valuation is decided by how much a buyer wants to pay, and how much a seller wants to sell.

That $3 bln number encodes all of that in a price. Not much more to rationalize. It's quite beautiful.