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GitLab Inc.
Information Technology · Systems Software
Single-app DevSecOps platform monetized via Premium ($29/seat/mo) and Ultimate ($99/seat/mo) tiers. ~9M registered users, ~50% of Fortune 100 as customers. GitLab Duo (AI add-on) is the new ARR lever bolted onto the same seat base - mirrors $MSFT Copilot economics but on independent rails.
- Ultimate mix shift drives ARPU expansion without new logos (compliance + security + AI bundled)
- Duo Pro/Enterprise add-ons stack on top of seat price - 30%+ uplift potential
- Self-managed footprint (on-prem) is a moat vs. $MSFT GitHub SaaS-only in regulated/sovereign accounts
- ~30% revenue growth at scale with FCF inflection in motion
- GitHub Copilot ($MSFT) is the default AI-coding distribution channel - $GTLB Duo fights uphill on mindshare
- Seat-based pricing exposed to AI-driven dev-headcount compression (Cursor/$ANTHROPIC eating IDE layer)
- Stock-based comp ~25% of revenue dilutes the FCF print
- Multiple compression risk if Ultimate attach stalls
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