Bi-Annual Review

Summary * Klaviyo is evolving into an AI-native engagement platform, with recent churn and margin pressure masking strong long-term enterprise momentum. * GitLab is delivering quiet leverage through agentic AI and enterprise expansion, though concerns around pricing model and platform depth persist. * Meta is building full-stack AI infrastructure, but must close its model and silicon gap to fully realize its next-gen computing ambitions. Valuation Overview The table below is designed to h