[HN Gopher] HashiCorp - S1 ___________________________________________________________________ HashiCorp - S1 Author : mootpt Score : 493 points Date : 2021-11-04 17:58 UTC (5 hours ago) (HTM) web link (www.sec.gov) (TXT) w3m dump (www.sec.gov) | humantorso wrote: | Im gonna take this moment to plug cdktf: | https://github.com/hashicorp/terraform-cdk | | It's something I have been playing with recently and oh boy the | possibilities here are really exciting. | michelledepeil wrote: | What kind of possibilities do you see? | | Right now, I don't see the point - It makes sense to use a | special language, with a relatively short learning curve, to | develop infra as opposed to executable code. But maybe I'm not | thinking big enough. | hackandtrip wrote: | Did not know it existed, extremely cool indeed! By skimming it | I still think Pulumi might have a better Dev UX, but surely | Terraform is still catching up | shubik22 wrote: | Congrats to HashiCorp for their IPO and for building an awesome | suite of tools. | | I attended a Papers We Love meetup back in 2015 where Armon | Dadgar, HashiCorp's CTO, gave the main talk on Bloom filters and | HyperLogLog (interested parties can watch a recording of the talk | here: https://www.youtube.com/watch?v=T3Bt9Tn6P5c). It was an | awesome, very educational talk (on a topic I was previously | unfamiliar with), and based on my very limited impression, Armon | struck me as a really smart, intellectually curious and nice | person. Great to see Armon/Hashicorp achieve such a huge, | positive milestone. | hangonhn wrote: | Congratulations! The IPO is a confirmation of what many of us in | this field already knew: Hashicorp makes amazing tools. I love | Consul so much. I'm glad the larger world will appreciate the | great work Hashicorp has done as well. | kaycebasques wrote: | Does anyone have an idea regarding when the stock (HCP) will be | tradable? It doesn't look like an IPO date has been announced. | Perhaps, once an S-1 is filed, the IPO is usually X weeks after | that? | gtirloni wrote: | HashiCorp is like Docker Inc done right. | sciurus wrote: | Dupe of https://news.ycombinator.com/item?id=29110469 | simlevesque wrote: | it's actually the opposite | dang wrote: | simlevesque is right - this one was posted a hair earlier, so | we've merged the other thread hither. Thanks for pointing it | out! | adamsvystun wrote: | Love HashiCorp, though not sure what to think about | Sales&Marketing to R&D ratio, which is 2:1 (141kk vs 65kk in | 2021). Maybe people who read S1s more often can tell if this a | normal ratio? Seems pretty high to me. | jcdavis wrote: | Pretty standard for enterprise SAAS companies. | HatchedLake721 wrote: | Why does it seem high to you and what is it based on? | paxys wrote: | There have been hundreds of crazy tech success stories in the | last few years, but as someone who considers himself an engineer | at heart, this one gives me the greatest amount of joy and | optimism. Both founders are industry-wide leaders in their field | and still treat writing code and solving complex technical | problems as their primary job. | v1g1l4nt3 wrote: | Agree! Here's a recent video of Mitchell at Dev Tool Time | proving your statement: https://srcgr.ph/mitchell-hashimoto | sedatk wrote: | Off-topic but HashiCorp sounds a lot like the name of a company | that manufactures life-like androids in a cyberpunk setting. | Sohcahtoa82 wrote: | Their logo reinforces that. It looks like it had the same | designer of the OCP logo from Robocop. | fideloper wrote: | Mitchell stepping down to become a "IC" has got to be related to | planning for this, right? | mootpt wrote: | Almost certainly | mromanuk wrote: | why he stepped down as CEO, then CTO and now IC? | qbasic_forever wrote: | CEO of a publicly traded company is a vastly different job | than CEO of a private startup. Your job is to make money | for shareholders, not pursue a vision. It's not something | everyone wants to do and is likely a lot less rewarding for | someone who successfully creates a technology company. | v1g1l4nt3 wrote: | He's a true engineer at heart. This is him at Dev Tool Time | recently: https://srcgr.ph/mitchell-hashimoto | that_guy_iain wrote: | If I was to guess, he wants to write code and he started | the company so he could write code. He just had to do those | jobs along the way to get to the point where he could just | focus on writing code and solving problems. | SteveMorin wrote: | Yes that's exactly the reason. I know them through | friends | estro0182 wrote: | So the company can bring in outside execs without ousting | one of the founders from a C-suite role. | jldugger wrote: | If I had to guess: | | 1. Perhaps because he can. | | 2. Because being a CEO of a public company comes with a lot | of rules around disclosure of material public information | and equal access. It takes a special kind of person to | disregard general consel and just shitpost on twitter with | zero review while directly responsible to shareholders. I | don't know what kind of safe harbor Elon thinks Twitter | offers but I doubt it applies to Github code review. | AtNightWeCode wrote: | My thoughts not facts. I know that there are more products then I | mention. | | I fail to see in what segment Hashicorp will remain relevant over | time. | | Terraform is the tool I mostly see companies pay for. Over time | cloud vendors will make Terraform obsolete. In fact it is already | a problem to use Terraform since it can not move at the same pace | as major cloud vendors. | | Vault is an extremely complicated niche tool, most companies | should not use. | | Consul, the service discovery tool is mostly not needed in cloud | environments. Don't think any cloud vendor today have Consul as a | service on their agenda even though this has been announced years | ago which is a warning sign. Personally I really like Consul and | the way you can set up ACL for instance. | | Vagrant, use whatever. | | Nomad has lost the battle with Kubernetes a long time ago. I | never trusted Nomad and I never will but I can see that if you | really want to orchestrate a lot of containers Nomad may be the | right tool. | | When selecting an identity platform you mainly have to go along | with the corruption in the industry... | | I really wish Hashicorp good luck on this journey though. | runlevel1 wrote: | Multi cloud, hybrid, and on-prem often need solutions that | aren't married to a single cloud provider. | | That's not all companies. It's not even the majority of them. | But those companies do tend to be the ones who can afford | HashiCorp's premium offerings. | | Edit: Fix typo. | vngzs wrote: | A lot of big finance companies use Nomad for all their compute | scheduling. Citadel, for instance. They desire the ability to | schedule Windows workloads, containers, regular processes, etc. | through a common interface. They might not want or need to go | all-in on containers. | | Vault has a similar target market. Big high-paying | institutions. It's not the average market of your tech company, | and 100-200 person startups generally won't need it. If you're | in the fintech space, maybe you do. | thunderthunder wrote: | I really don't feel K8S have won this battle. I agree people | talk more about K8S but i have seen a trend in people that are | disappointed with K8S and move against Nomad instead. I guess | K8S is too messy. It's like taking a 2015 enterprise vsphere | datacenter environment and containerizing it. Too many layers.. | But of course, there's no fully managed Hashicorp offer for all | products in GCP or AWS, Azure.... | AtNightWeCode wrote: | I do not really understand why people run so many things in | containers in the first place. Sure, for sand-boxing and | sometimes resource utilization, but the large services I | worked on have always been on 10+ dedicated high-end servers | with 200GB+ memory each. Absolutely zero need for any | additional abstractions. You can also design solutions that | use a lot of memory in contrast to containers. | jordanbeiber wrote: | I feel I need to reply with my thoughts. | | - Vault is not niche - it's THE way to manage pki and | credentials if you're half serious about security. Which is why | you're now are starting to see managed vault. | | - Consul - EVERYONE should use service discovery, cloud or not. | It's indispensable for numerous reasons. If you doubt it's | relevance, check out the Kubernetes integration work - there's | a reason for that focus. You need service discovery if you | operate at any sort of scale, spanning multiple providers and | teams (Azure have a managed consul offering btw). | | - "Trust" nomad? The team and I have used it since 0.4 and 0.6 | in full production at two different companies. K8s as well, but | it lacks the unix vibe of "one thing, and do it well", which is | something you get with nomad, consul & vault. Nomad has been | rock solid and I've so far had no reason to not "trust" it, | 100s of thousands of deploys later. | | - terraform spans many providers. It's a good tool, not without | it's quirks. But I'd rather have one quirky tool than multiple | quirky vendor ones. Also, we use TF for basically everything - | even the stuff we host in-house through lxc and postgres for | example, and through home grown providers as well. | | I could write pages on the hashicorp products! | AtNightWeCode wrote: | All major clouds have better alternatives to Vault. Vault is | mostly for really large companies that want to run things | like this by themself. | | There is no need for service discovery in the cloud in | general. | | I have also used Nomad a lot. Maybe it is because we always | needed the cutting edge features in general, but in general | not very good quality. Core features always worked though. | People should use Kubernetes instead in most cases. | | There is simply no way Terraform and the HCL2 will survive | for cloud environments. For other use cases I do not know. | jordanbeiber wrote: | "People should use Kubernetes instead" is an interesting | take considering your first paragraph. :) You've perhaps | not had to troubleshooting issues in a more advanced k8s | setup - that is something that is not "for most people". | | Keeping services discoverable, with service health-checks | and configuration data at hand in the k/v is not needed in | the "cloud"? I guess a lot comes down to how you opt to | manage you services... It's what etc does, but worse (imo), | for k8s. My usual work with larger infrastructure spans | more than k8s or a single provider, hence consul is a | given. | | To my knowledge no other secrets solution exists that cover | all the things vault does, and at the same lets you stay | provider agnostic. It integrates well with the major cloud | providers though! | AtNightWeCode wrote: | What I am saying is that Kubernetes has become the | mainstream tool to use. You have to put up good reasons | or custom needs to use something else. | | A thing I like about Consul is that you can also use it | as a KV. Something I lack in the cloud. | | The Vault in Azure is the Keyvault which is all around | terrible but Keyvault in conjunction with how Azure works | in general is sufficient to build secure infrastructure. | neom wrote: | When Armon giggled then laughed at me as I asked him about | DigitalOcean buying Hashi back in the day, I knew they'd be a | billion dollar company. Armon and Mitchell are as good as they | come, certainly two of my favourite people I've met on my startup | journey. | | I'm beaming with joy at the prospect of becoming a shareholder. | Well done team, well done. | 1cvmask wrote: | Seems like another success of the hybrid freemium/open source | model. I think we will see more of these in the enterprise space. | boringg wrote: | I think we need to see how it performs in the public markets | for a couple years to define success of the model. At this | point it is certainly a success for the early investors / co- | founders. | gigatexal wrote: | I can think of no better person who should get a windfall for all | his and his teams hard work than Mitchell. What an awesome human | being. | lamroger wrote: | Shoutout to Armon who was happy to give a talk at a DevOps for | Startups meetup! | marc__1 wrote: | wow | | _> As of July 31, 2021, we served 2,101 customers spanning | organizations of a broad range of sizes and industries, compared | to 1,473 and 831 customers as of January 31, 2021 and 2020, | respectively._ | | _> over 300 of the Forbes Global 2000 were our customers_ | | _> As of January 31, 2020, January 31, 2021, July 31, 2020, and | July 31, 2021, our last four quarter average net dollar retention | rate was 131%, 123%, 128%, and 124%, respectively._ | | _> over 44% of our customers with $100,000 or greater ARR were | licensing more than one product_ | baby wrote: | When can we expect the IPO to be after such a document is | published? | [deleted] | tomnipotent wrote: | Usually within 3-6 months, depending on how many rounds of | comments the SEC has. | farmerstan wrote: | Way too long. Less than a month after filing S-1. Company | already went through the rounds with SEC confidentially. | | Source: wife is c-suite and took company through ipo in the | last year. | mootpt wrote: | my guess is early Dec | tomnipotent wrote: | You're absolutely right. I took a look at a handful of | recent IPOs (Snowflake, Unity, Gitlab) and they all | basically had just a month lag between S-1 filing and IPO | date. | marc__1 wrote: | After the JOBS act, roadshows can start 15 calendar days of | publicly filing the registration statement with the SEC (before | it was 21) | | Roadshow may take 5-20 more days, so we may see them ring the | bell by mid-December | [deleted] | stefanmichael wrote: | Happy to see this, congrats to Mitch! | | <Void> lives on | picardo wrote: | Mitch has always struck me as a singularly sincere and dedicated | individual. His passion for the end user experience show in his | every product decision. As a developer, I've enjoyed using his | tools more than I should. Most enterprise software is designed by | committee. Hashicorp's products feel like they were designed by | one person -- or perhaps they know their users extremely well. | gigatexal wrote: | From 2019 to 2021 revenue quadrupled but net loss only doubled. | They'll be profitable in no time. I will be buying shares. | WORMS_EAT_WORMS wrote: | Absolute legend, rocket ship human Mitchell Hashimoto. I still | remember the excitement from Vagrant back in the day (which I | think started it all). Here's the 1.0 announcement in 2012. [1] | | The tools and vision they created after, just amazing coming from | a small scrappy startup crew. Which, IMO, is totally wild given | the offerings clearly tend to target bigger Enterprise who have | bigger teams/apps/ops demand. | | Then to walk away from $50MM barely older than drinking age. [2] | | Seriously congratulations to them and the Hashicorp team. Will | likely invest and hold for a long time. | | [1] https://news.ycombinator.com/item?id=3672149 | | [2] https://twitter.com/mitchellh/status/1357445215259250689 | ryanisnan wrote: | Newb investor here, but huge hashi user. Do you have any | insight as to when stocks become available after an IPO? | nodesocket wrote: | You can buy the stock on the first day of trading. If you | want to try and get an allocation of shares at IPO price, | various brokerages have different processes where you apply. | I use E*Trade mostly, but Robinhood does have the best IPO | center of any brokerage I have seen. | mootpt wrote: | seems like just yesterday: | https://twitter.com/mitchellh/status/267047991674810368 | wdella wrote: | Ever since Vagrant, everything Hashicorp has developed has been | outstanding! Furthermore, their open core model and this S1 is an | inspiration. I wish all the best for Mitchell, Armon and the | team! | | I have a couple emails from Mitchell H circa 2014. He was doing | front line customer support for the Vagrant VMWare Workstation | provider -- I think it was just about their first paid offering. | I was impressed that the head of the company would take time to | help me troubleshoot my busted setup. Incredibly technical and | incredibly hard working. | nkotov wrote: | This is awesome. Hashicorp tools are great and I'd argue that | Terraform is one of the most important dev tools in the last ten | years. | shironandon wrote: | I have actively used Vagrant, Consul, Terraform, and Vault and I | really have never understood all the fanboyism for Hashicorp. | Their products are OK but easily replaceable and often redundant | in modern cloud providers. Wish them luck on their attempt to | cash in but I for one do not intend to buy any stock. | t_sawyer wrote: | Vault is only replaceable in cloud. Idk of any on-prem products | that have anywhere near Vaults functionality. | nodesocket wrote: | You are missing the point. They are the de-facto standard in | DevOps tooling from one person startups to gigantic public tech | FAANG companies. | | My prediction, HashiCorp after IPO'ing will get acquired. | antoinealb wrote: | Which FAANG is public about using one of those? | that_guy_iain wrote: | When HashiCorp first got announced I thought "How is he going to | make a company out of Vagrant?" I was definitely wrong and on my | own projects I'm using lots of their products from packer to | nomad. Super cool to see someone/people create something like | HashiCorp out of what I originally thought would be a single | product. | ignoramous wrote: | To me, the more astonishing thing is, "How did HashiCorp excel | where Docker failed". I'd _pay_ to read a case-study on it, if | there 's one. | | Edit: May be this comment from Mitchell sheds some 1st-party | perspective on _why_ it may be so: | | > _...Terraform is WORKFLOW agnostic, not TECHNOLOGY agnostic. | This is a key part of our product philosophy that we make the | 1st element of our Tao:https://www.hashicorp.com/tao-of- | hashicorp_ | | > _I 've talked about this more with more references in this | tweet: | https://twitter.com/mitchellh/status/1078682765963350016_ | | > _I don 't think we've ever claimed cloud portability through | "write once run anywhere;" that isn't our marketing or sales | pitch and if we ever did make that claim please let me know and | I'll poke some teams to correct it. Our pitch is always to just | learn one workflow/tool and use it everywhere, but you | explicitly WILL rewrite cloud-specific modules/code/etc._ | | https://news.ycombinator.com/item?id=29051020 | hnmullany wrote: | The Terraform ecosystem worked with VM's - big difference vs. | Docker. The VMware ecosystem spends a TON of money on | software. | loosescrews wrote: | I think a big part of it is that Docker failed to expand much | beyond their initial offering. They tried, but weren't able | to get much traction. HashiCorp probably wouldn't be IPOing | with a multi-billion dollar valuation if they continued to | focus mainly on Vagrant. | leftnode wrote: | The impact Vagrant has had on my business is nearly immeasurable | (and for free, no less). We're a small startup, and I haven't had | the time (or motivation) to learn what Docker, Kubernetes, | containers, etc are. Seems overly complex. | | But, virtual servers I can understand. I've been using Vagrant | since 2013 and it ... just works. We've built our own custom box | to standardize our development environment as well. | | If there is one company and person I'd like to mimic, it's | Hashicorp and Mitchell. Work to build an amazing product or | products, get it ready for a sale or IPO, and then transition | into an IC to continue doing what I love: hacking. | | Congratulations on the success! | handrous wrote: | > Docker | | You can basically just treat it like a package manager and | config-assistant. It's often easier(!) to configure a Docker | image than the corresponding package, or set of packages, in | your typical distro. In part this is because documenting where | _all_ the config files and data live just kinda falls naturally | out of creating a half-decent image, and in part because good | images often put commonly-modified config options--which may | correspond to _multiple_ changes in the config files--in single | environment variables, for common use cases. | | The main gotchas are making sure you've mapped any data | directories to something outside the image (which is trivial to | do with command-line options, if you prefer writing bash | scripts, or in docker-compose yaml, and very easy to test--add | some data, destroy the image, bring it back up, is your stuff | there? Yes? Good, you got it) so data isn't lost if the image | is replaced or destroyed, and making sure your port mapping | isn't doing anything dumb like exposing ports it shouldn't on a | public interface. | | You don't have to use swarm or even actually learn how images | work. You can run your application outside of it and just use | pre-built official images from PostgreSQL, or whatever, and | enjoy a nice, cross-distro, also-sorta-works-on-Mac-and- | Windows, consistent set of project daemon dependencies, with an | interface that's the same on Red Hat or Gentoo or Arch or | wherever, and far more up-to-date than major stable distros (so | you could use Debian Stable for simplicity and reliability, for | example, but run the latest MySQL or ElasticSearch or whatever | on it without mucking with the distro's packages). | | I find this massively simplifies server config scripts | (Ansible, or bash, or whatever) since I can confine those to | fairly generic housekeeping things and put daemon config in | much-tidier Docker scripts or yaml. | robertwt7 wrote: | Omg I still remember vagrant as the state of art for the job back | then. | | Great job Mitchell, one of the company that I have respect on | goes public!! Good luck!! | pphysch wrote: | I love HCP tools, especially the "lesser known" ones like Vagrant | and Nomad. | | Bearish on the now-public company, though. I think they grew too | fast and the leadership will squeeze revenue out of their current | headline "cloud glue" products (Terraform, Vault, Consul) without | having incentive to push their other products. | | Nomad in particular has a ton of potential but why push it when | you can just provide services to enterprise K8s customers. Was | major Roblox outage Nomad-related? | | I have a feeling that someone will come along with a set of CUE- | driven tools that have better UX than HCP tools and HCP will go | the way of Oracle. | dreyfan wrote: | > Was major Roblox outage Nomad-related | | They haven't posted a detailed post-mortem yet but it's more | likely consul related that in-turn brought down vault and | nomad. | alephnan wrote: | He was a class or so above me in university and, being a public | university, it was competitive to get into courses. There were | more student interest than class availability, so slots filled up | quick. Students also squatted spots for their buddies then during | the 3am off-hours would play tradesies. The school website were | not immediately up to date, either. | | Mitchell ran a paid service where you get a text message when | courses opened up. This would give you a 30-60 second advantage | to frontrun the thousand of other students who were concurrently | refreshing the course availability page. | | https://laptrinhx.com/mitchell-hashimoto-is-automating-the-w... | | "UW Robot was registering 70-80% of the undergraduate student | body and 'was pulling in about half a million dollars a year' for | an automation program he only spent a few hours a year | maintaining." | | I think I read about him in the school paper. His parents were | not keen on him studying Computer Science, and even after showing | the financial success of this one app, they were still reluctant | about Computer Science. This resonated with me because my family | was actively discouraging me from studying Computer Science. Boy | were they wrong. | | Edit: I found the article! http://sports.yahoo.com/news/25-old- | coding-genius-making-141... | | This stood out to me: | | > Hashimoto's dad, who he describes as "a very nice but very | strict" Japanese father, didn't think much of his son's love of | computers. The cease and desist letter didn't help. His parents | limited him two hours a week of computer time. He had to sneak in | his coding after they went to bed... $500,000 And Dad Still Isn't | Thrilled | | I recently realized Taiwan has 1/5th the population of Japan, yet | disproportionately has 33 billionaires versus Japan's 45. I'm | actually living in Japan right now and experiencing first hand | the cultural aspect of risk aversion. I fell in love Kyoto and | want to be base my startup venture here. It's not the financing | gating me. I'd have to quit my employment for I.P. reasons, but | then I don't have the visa status to stay in Japan. The business | visa is too restrictive, but I actually qualify for permanent | residency, which is the ideal legal status in terms of | flexibility. The only bit I need to flip is a guarantor rep for | P.R., but once again the cultural aversion to risk gets in the | way. This makes me appreciate Masayoshi Son because his ventures | are quite antithetical to the Japanese modus operandi. But I | digress, just some thoughts on cultural aversion to risk and | entrepreneurship | godot wrote: | That's curious that his parents and your family discouraged | him/you from computer science. I would've thought most parents | would be happy about that choice of major for their kids. | smoldesu wrote: | Just my N+1 anecdata, but knowing what I know now I'd never | encourage a young person to step into the tech industry. It's | genuinely brutal, people should focus on specializations | instead of assuming that knowing how to code will make you a | valuable asset. | pintxo wrote: | Coding is the baseline. Being able to apply it to the | problems of an industry helps a lot. | reducesuffering wrote: | He started the major in 2007. In my experience, CS only | started being a famously lucrative major around ~2016. Before | then, parents especially weren't up to date and still | considered medicine and law to be the good careers. And of | course, after reading the article: | | 'When Hashimoto went to college, his dad told him he had one | year to pursue "that computer thing." | | "If I couldn't prove to him in a year it was useful in some | way, I either had to pay for college myself or become a | lawyer or doctor," Hashimoto says.' | jaxxstorm wrote: | Lots of interesting tidbits in here, not least that Armon Dadgar, | who basically built most of the their revenue generating | software, is paid considerably less than their CRO. | klelatti wrote: | Higher salary probably needed to attract the CRO to the role - | not an issue for Armon. | paxys wrote: | Comparing salary is irrelevant when one person has a founder | ownership stake while the other was hired as an employee a lot | further down the line. Dadgar would be perfectly fine with | $1/yr. | sam0x17 wrote: | Also interesting to learn that a CRO is a thing. I swear there | is a new C-level title invented every few seconds. | [deleted] | paxys wrote: | "Lead growth hacker" doesn't convey the same amount of | prestige | mateo411 wrote: | It turns out that Revenue is important, which means that | there is a C level role to make sure that a company's revenue | outlook is good. | toomuchtodo wrote: | It's really just formalizing and enterprising a lead growth | role. | awad wrote: | It's actually a very common role that encompasses far more | than the traditional "head of sales" role | mikeyouse wrote: | That's often the case when they have to bring a new executive | on for the latter years of a company before going public... | Look at page 174 though, Armon owns over 18M shares, the CRO | owns 400k. | | Assuming a share price of even $10/share, the $4M difference in | 2021 comp will swing _slightly_ in Armon 's direction when his | equity stake is worth $175M more than the CRO's. | jedberg wrote: | Based on their last valuation, Armon's shares should be worth | around $550,000,000. | mikeyouse wrote: | Holy smokes.. Yeah, I didn't have a basis for the | $10/share, it was just a random number since I didn't have | valuation detail... but wow. So Armon's shares would be | worth something like $535M more than the CRO's. I suspect | he's okay making a bit less in W2 income this year! | boringg wrote: | You are comparing salary when you should be comparing | ownership. CRO has little ownership vs Armon who doesn't really | care about his salary but rather the worth of his ownership | position. | | Also you are comparing an owner vs an employee, not apples to | apples. | ryan93 wrote: | Figure he brought in a major client. | [deleted] | ksec wrote: | Holly mother of God. Mitchell was still on HN yesterday, as he | was replying something about Backblaze IPO and its business. | Today it is his IPO, | | $259 million revenue. 2100+ Customers, 1500+ employees, $10 | Billion Valuation......... | | I mean I felt it wasn't that long ago Vagrant was "the" tool for | the job. | | How it all started, the submission on HN [1], quote: | | > _This project has been the love child of myself and John Bender | (nickelcode.com) for the past 6 weeks. We 're both daily HN | readers and would like to use this as a starting point to show | Vagrant to the public. Specifically, I'd like to open up to any | questions and feedback, so that the HN community can get to know | Vagrant. Your feedback is extremely valued. Thanks!_ | | > _A bit of background on this project: I work at a development | company (citrusbyte.com) in LA. I see new projects almost every | couple months, and I 'm often working on multiple projects | simultaneously due to work, freelance, and personal projects. | Managing the development environments between many projects on a | local machine became a huge burden and a coworker once mentioned | developing in a virtual machine. I thought this was a great idea, | and Vagrant was eventually born from it._ | | Really amazing achievement in such short space of time. | Congratulations! | | Edit: I wonder how many company started or partially started on | HN that went on to IPO. I know Dropbox is one. Do we have a list | somewhere? | | [1] https://news.ycombinator.com/item?id=1175901 | ignoramous wrote: | > _I wonder how many company started or partially started on HN | that went on to IPO. I know Dropbox is one. Do we have a list | somewhere?_ | | news.ycombinator.com needs a ycombinator.com/topcompanies | equivalent. | mike_d wrote: | > 1500+ employees | | According to LinkedIn the average tenure of employees is a | little over a year (likely to hit the vesting cliff and | bounce). | | Two months ago they didn't have the staff to review pull | requests: https://news.ycombinator.com/item?id=28425849 | | You can love the product, but investors are ultimately betting | on the company - which seems shaky. | reducesuffering wrote: | > According to LinkedIn the average tenure of employees is a | little over a year (likely to hit the vesting cliff and | bounce). | | I think this is usually the case for fast growing companies | that typically double employees every year, because: | | 1/2 people avg. 1/2 year tenure | | 1/4 people avg. 3/2 year tenure | | 1/8 people avg. 5/2 year tenure | | etc. Which approaches something around ~1 year tenure. You'll | notice the same 1.1 year tenure at Stripe, Affirm, etc. | LambdaComplex wrote: | An additional data point (read: anecdote): I applied for a | job at Hashicorp in early July of this year. I have yet to | receive any reply, including a "thanks but no thanks" | | For reference, I also have a friend who applied there in late | 2019; he apparently _did_ get a "thanks but no thanks" email | about a month later. | | Perhaps all of the company is short-staffed, rather than just | engineering. | mirekrusin wrote: | Where can I see $10B valuation to confirm? | ksec wrote: | Sorry I think it should be _seeking_ $10B according to Yahoo | / Bloomberg. | | https://finance.yahoo.com/news/hashicorp-files-u-ipo- | said-18... | gorgoiler wrote: | If that's $260M pa for 1500 employees then that works out as | $40k revenue per employee per quarter. | | Compare with APPL and FB doing [correction: over $600k] per | employee per quarter. | | Not a value judgment. But I only recently started noticing | these numbers and it really puts the big players' spending | power into perspective. Hiring engineers away from FAANG is | incredibly expensive. | | Edit: thanks for the corrections in the replies. I read figures | for FB and AAPL that are reported quarterly but missed that | they are for a trailing 12 month period, not for the quarter | itself. | missedthecue wrote: | I think a lot of startups could be a little more lean than | they are right now. | capableweb wrote: | > Hiring engineers away from FAANG is incredibly expensive. | | That seems to be changing, as the employees at those | companies are starting to re-evaluate the ethical choice of | staying or leaving a company they thought was "good". | trhway wrote: | >Compare with APPL and FB doing $2.5M per employee per | quarter. | | your math if off - FB is $500K/employee/quarter, APPL is | ~600K/employee/quarter. That still of course a boatload of | money allowing them to pay $600K+/year to the engineers. | dhosek wrote: | I'm guessing that was a typo and he meant per year since | the comparison number was also annual revenue. | Sebguer wrote: | Does this account for how much those companies offload to | contractors / staffing agencies? | polskibus wrote: | They have lots of contractors though , ppl that censor posts, | etc. You're probably not taking them into consideration. | BbzzbB wrote: | Point stands, but I'm not sure how you get that much for FB | and AAPL. In 2020 (4 quarters) they made, per employee, | ~$1.2M and $0.7M in gross profit, $1.5M and $1.9M in revenue. | I didn't cross check the table but did get the same number | for FB. | | https://twitter.com/investing_city/status/142301690347634278. | .. | aronowb14 wrote: | coinbase one is here: | https://news.ycombinator.com/item?id=26815403 | polote wrote: | > I wonder how many company started or partially started on HN | that went on to IPO. I know Dropbox is one. Do we have a list | somewhere? | | There are only a few places where you can easily promote your | saas company, it makes sense that Saas startups that IPO now | were promoted when they launched ... | ryanar wrote: | _> Mitchell was still on HN yesterday, as he was replying | something about Backblaze IPO and its business. Today it is his | IPO_ | | Maybe that is because he stepped down from leadership to become | an IC again? We could speculate that he didn't want to go | public, or had no desire to do the S-1 work so he stepped down. | [deleted] | handrous wrote: | > I mean I felt it wasn't that long ago Vagrant was "the" tool | for the job. | | Vagrant is my safety hatch, in case Docker goes under and | aspect of it that's "the best centralized, cross-distro, | server-oriented Linux package manager repository around" is, at | least temporarily, thrown into disarray. Back to picking a | distro and contorting it into what I need, in that case. | | And it's still better than Docker if you're _really_ in a hurry | and need to get some pile of undocumented shit running locally | ASAP. | __jem wrote: | Docker at this point is just a wrapper around OCI spec... why | would you go back to Vagrant rather than just using any of | the other tools that can build OCI images? Vagrant and Docker | seem like fundamentally different tools to me. | handrous wrote: | At least 80% of Docker's value to me is as a consistent- | everywhere, _very_ complete server daemon package manager. | Serious packages for work? They 're there, and up-to-date. | Screwing-around stuff for home (Minecraft server, Jellyfin, | et c.)? It's all there, same interface, just a couple | minutes to add and configure another daemon at | approximately its latest version, and I don't even have to | think about which distro I'm running. | | It's the container registry that I'd miss, not the actual | container functionality, and that's what would have me | reaching for Vagrant and distro packages again until | something similarly good arose (or maybe there already is a | viable replacement, which I'd find via search in short | order if I actually needed it) | miere wrote: | I wonder what sort of container registry are you looking | for. There are a few alternatives to Docker Hub nowadays. | For instance, GCP's is quite affordable and | straightforward. | redwood wrote: | Percentage of quarterly subscription revenue from HCP (and its | predecessor cloud offerings): 5.0% | misiti3780 wrote: | Terraform, IMO is the best piece of software invented for devs in | the past 10 years. Congrats! | dbetteridge wrote: | Met Mitchell at a smaller Perth conference in 2019 where he did a | talk on how Vault came to be. | | Could tell how much he enjoyed what he was working on and the | obvious passion for making better software, actually being down | in the weeds and writing innovative things. | | All the best to him and HashiCorp going forward. | nightpool wrote: | Pretty funny to see this less then a week after Roblox had a huge | extended downtime due to issues with their HashiCorp platform | (https://news.ycombinator.com/item?id=29044500). Obviously the | two events are almost certainly unconnected, but it must have | been a very busy week at HashiCorp nonetheless | [deleted] | [deleted] | gen220 wrote: | Is anybody here an HCP user, and would be willing to comment on | how valuable adopting HCP has been for your organization? | | It seems to be a growing contingent of their revenue, in addition | to being an interesting product. Curious to get HN's take on it. | xwdv wrote: | Will you buy this stock at IPO? | TekMol wrote: | Would be great if someone with knowledge on how to read an S1 | could help me figure out these two basic questions: | | What percentage of the company gets sold in the IPO? | | And does that money go into the company or does it go to existing | shareholders? | rogerkirkness wrote: | The PO in IPO is public offering, meaning new shares are | created. So generally speaking, the amount raised goes to the | company. Dilution is a factor of what's raised and the | vaulation. If you raise a 10% round, you dilute by 10%, so 10% | is sold. It varies by company and preference. Existing | shareholders can typically sell after the lockup (for common | share holders, like founders and employees) and at any time | (for preferred share holders, whose shares convert into | unrestricted common shares as part of the IPO). | ac29 wrote: | This S1 does not say how many shares they expect to sell, so at | this time its unclear what percentage of the company new | investors will hold. Presumably before the IPO date, it will be | updated so investors have an understanding of what they are | buying. | TekMol wrote: | Thanks. How does one find the complete S1 when it is updated? | | For example, how can this information be found for Coinbase? | phonon wrote: | SEC/Edgar | | Hashicorp | | https://www.sec.gov/edgar/search/#/dateRange=custom&ciks=00 | 0... | | Coinbase | | https://www.sec.gov/edgar/search/#/dateRange=custom&ciks=00 | 0... | chernevik wrote: | IPOs sometimes sell shares held by existing shareholders. The | final S-1 should disclose any sales by existing shareholders. | When you see them in roadshow, check for the final S-1. | | Statements that proceeds will go to the company are not | necessarily correct. | adamsvystun wrote: | > What percentage of the company gets sold in the IPO? | | S1 does not specify the amount. | | > And does that money go into the company or does it go to | existing shareholders? | | The money goes to the company. | nathan_f77 wrote: | Awesome, I'm excited for this. Does anyone know of any services | where I could add HashiCorp to a watchlist and get an email | notification before/after their IPO? (I'm sure I'll see it on HN | or other sites but I want to make sure I don't miss it.) | ramesh31 wrote: | Webull is pretty solid | uf00lme wrote: | Any idea how to buy at ipo price outside of us? | dcchambers wrote: | Hashicorp makes some incredible software and I love their open | source culture. Pretty much everyone I know genuinely enjoys | using their tools. Congrats to Mitchell, Armon, and the whole | team. | endisneigh wrote: | It's fascinating to see so many IPOs happen in the past two | years. Apparently there have been more IPOs in the past two years | than 2014-2019 combined | (https://stockanalysis.com/ipos/statistics/) in spite of the | pandemic. | | I guess it's because there's just so much money swishing around - | why not? | shoto_io wrote: | Jap, I bet it's related to this chart | | https://fred.stlouisfed.org/series/M1NS | yellow_lead wrote: | You might want to read that footnote about the definition of | M1 changing at May 2020 | ushakov wrote: | as inflation rises, it's good times to attract investors | simonbarker87 wrote: | The VCs need their exits to pay their funders back and the | markets are very "hungry" at the moment so they are cashing out | the only route they have available | that_guy_iain wrote: | I believe the surge in IPOs isn't in spite of the pandemic but | because of the pandemic. | MangoCoffee wrote: | dotcom bubble started with many IPOs | sjg007 wrote: | Musical chairs maybe... | boringg wrote: | M1 money supply + endish of a bull cycle of tech companies | founded early 2010s (coming out of the 10 year VC timeline) and | also SPACs (Assuming SPACs are included that would be the | driving reason) | goodpoint wrote: | Expect a huge crash... | 988747 wrote: | VC investors are cashing out - a sign of impending doom. Expect | Dotcom Crash 2.0 | noway421 wrote: | VC investors are in the business of cashing out, that's the | mandate of the funds that they raise. Why would that signal | an impending doom? | ggregoire wrote: | Congrats to the team! | | Slightly off-topic, if I wanted to buy some HashiCorp's stocks as | a non-US resident, what would be my best options? Any good | services allowing me to do that somehow, legally and easily? | apayan wrote: | Try out Interactive Brokers. They seem to serve a lot of non- | USA customers. Disclosure: A happy USA user. | simonbarker87 wrote: | Find a broker/platform in your country that lets you trade in | the stock market they are listing on (if UK then IG and | Hargreaves Lansdown are good), join, fill out the W-8BEN so you | are able to buy US stock through the platform (they usually | make this a 2 minute job) and then place an order when it's | live. You'll be paying more than the true IPO price as the bank | etc get preferential rates I believe but it's as good as you'll | get | nathan_f77 wrote: | You could probably get an account with Interactive Brokers. | Here's their list of available countries: | https://www.interactivebrokers.com/en/index.php?f=7021 | | In New Zealand we also have https://www.hatchinvest.nz and | https://www.sharesies.nz. You might have some similar services | in your country. | SassyGrapefruit wrote: | I love the products but that S1 didn't exactly blow my socks off. | They are hemorrhaging cash and their growth strategy is pretty | WeWork-ish. Seems to boil down to "Get more customers", "HCP is | probably going to make money", and finally "the rest of the world | needs hashicorp too" | tptacek wrote: | They're making hundreds of millions of dollars per year. They | have software economics, not commercial real estate economics. | Most software companies are "hemorrhaging cash" by the time | they file an S1, because if you invent a machine that turns | nickels into dimes, the obvious thing to do is spend all your | money making as many of those machines as you can, not cranking | a small number of them for a small, consistent stream of dimes. | danielmarkbruce wrote: | You are right, and this is a decent analogy, but isn't it a | lot easier to say: | | Look at YE 2021, they spent $140 mill on sales and marketing. | Next year they could turn that down to $20 million and they | would be instantly profitable and almost certainly grow a | little bit too. They could also likely slash R&D and G&A by | 30-40% without affecting current products. They are very | valuable as is, but growing significantly (which isn't free) | makes them even more valuable (most likely). | throwaway95118 wrote: | I haven't read the S1; do they describe any recent customer | outages due to their systems? ___________________________________________________________________ (page generated 2021-11-04 23:00 UTC)