Introduction

The GitLab pitch deck was created for the Claremont McKenna College Investment Fund as a long TMT investment. GitLab is a unified DevSecOps platform that integrates planning, coding, testing, security, and deployment into a single workflow, serving both individual developers and large enterprises

Our Investment thesis centers on GitLab’s ability to drive durable revenue growth through enterprise upselling, pricing leverage, and operating efficiency, while the market remains overly focused on near-term margin volatility and slowing net retention. Despite broader multiple compression across DevOps, GitLab continues to outgrow the market, with ~29% YoY revenue growth and ~89% gross margins, reflecting strong underlying SaaS economics.

Revenue growth in our model is driven primarily by enterprise customer expansion and ARPU growth rather than headline user additions. Customers are increasingly migrating into higher-tier offerings, with Ultimate now comprising roughly 50% of ARR, supported by security, compliance, and AI-enabled features such as GitLab Duo. On the cost side, marketplace distribution through partners like AWS shortens sales cycles and lowers customer acquisition costs, supporting long-term margin expansion. We believe these dynamics position GitLab for valuation rerating as execution continues and investor focus shifts toward sustainable enterprise monetization.