ServiceTitan IPO Dec 12, 2024: $8.9B closing cap, $685M revenue, $62B GTV, >95% gross retention, >110% NDR

Claim: ServiceTitan IPO'd on December 12, 2024 with first-day closing market cap of $8.9 billion. From S-1 (filed Nov 18, 2024):

• Revenue: $685M (12 months ending July 31, 2024)
• Gross Transaction Volume: $62B processed through platform
• Gross Dollar Retention: >95% for each of last 10 quarters
• Net Dollar Retention: >110%
• ~8,000 Active Customers as of Jan 31, 2024; ~9,000 as of Jan 31, 2025
• Average revenue per active customer: $78K
• Subscription: 71% of revenue, embedded FinTech 25%, professional services 4%

Sources:

• https://www.cnbc.com/2024/12/12/servicetitan-ipo-stock-debuts-up-42percent.html
• SEC S-1: https://www.sec.gov/Archives/edgar/data/1638826/000119312524260611/d577298ds1.htm
• Sacra analysis: https://sacra.com/c/servicetitan/

Confidence: Verified.

Strategic significance: ServiceTitan is the existence proof that vertical SaaS owning the data layer of an industry is a $9B-cap business. The 25% embedded FinTech revenue line is the "data exhaust → payment processing" monetization that pure CRM vendors cannot match.