Gusto hits $1B revenue, a figure that brings it closer to public markets
Gusto hits $1B revenue, a figure that brings it closer to public markets
Gusto 营收突破 10 亿美元，距离上市更进一步
While AI disruption looms over many legacy SaaS companies, several HR tech startups seem to be thriving. One of these companies is small-business payroll provider Gusto. The 14-year-old company, last valued at over $9 billion, just announced that it surpassed $1 billion in revenue earlier this year. 尽管人工智能的颠覆性影响笼罩着许多传统 SaaS 公司，但一些人力资源科技初创公司似乎正蓬勃发展。其中一家便是服务于小型企业的薪酬管理提供商 Gusto。这家成立 14 年的公司此前估值超过 90 亿美元，近日宣布其今年早些时候的营收已突破 10 亿美元大关。
Unlike many startups that report annualized recurring revenue (ARR) — an estimate of the value of their contracts in the upcoming 12 months — Gusto’s figure represents actual revenue earned over the previous 12 months. Gusto was last valued at $9.3 billion, Fortune reported, when it launched a $200 million tender offer for its employees in June 2025. The deal valued the company about where it was valued in early 2022. 与许多报告年度经常性收入（ARR，即对未来 12 个月合同价值的预估）的初创公司不同，Gusto 的这一数字代表了过去 12 个月内实际赚取的收入。据《财富》杂志报道，Gusto 在 2025 年 6 月为其员工发起 2 亿美元的要约收购时，其最新估值为 93 亿美元。该交易对公司的估值与 2022 年初的水平大致相当。
That’s a bargain for Gusto investors compared to its decacorn competitors. For instance, Deel, which serves large international businesses, crossed $1 billion in ARR last year. The company was last valued at $17.3 billion when it raised a $300 million round co-led by Ribbit Capital and Andreessen Horowitz in October. Meanwhile, Deel’s primary rival, Rippling, which last month announced that it also hit $1 billion in ARR, was last valued at $16.8 billion after raising $450 million in May 2025. 与那些估值超百亿美元的竞争对手相比，这对 Gusto 的投资者来说是一笔划算的买卖。例如，服务于大型跨国企业的 Deel 在去年 ARR 突破了 10 亿美元。该公司在 10 月份由 Ribbit Capital 和 Andreessen Horowitz 共同领投的 3 亿美元融资中，估值达到 173 亿美元。与此同时，Deel 的主要竞争对手 Rippling 上个月也宣布其 ARR 达到 10 亿美元，该公司在 2025 年 5 月融资 4.5 亿美元后的最新估值为 168 亿美元。
By crossing the $1 billion revenue threshold, Gusto is clearly showing its financial might against its peers. The company has been making other big moves, too. Last year, it completed the acquisition of Guideline, a startup offering retirement plans to small and medium businesses, for about $600 million, as we reported. 通过跨越 10 亿美元的营收门槛，Gusto 显然展现了其在同行中的财务实力。该公司近期还有其他重大举措。正如我们此前报道，去年它以约 6 亿美元的价格完成了对 Guideline 的收购，这是一家为中小企业提供退休计划的初创公司。
Following the December board appointment of Anthropic CTO Rahul Patil, Gusto is already reporting massive efficiency gains. According to the company, AI now accounts for 50% of all new code generation and handles an equal share of customer support cases. Given its relatively modest valuation compared to its revenue, Gusto is well-positioned for another fundraise, or even an IPO, at a higher valuation. 继 12 月任命 Anthropic 首席技术官 Rahul Patil 进入董事会后，Gusto 已经报告了巨大的效率提升。据该公司称，人工智能目前占所有新代码生成的 50%，并处理了同等比例的客户支持案例。鉴于其营收与估值相比相对温和，Gusto 完全有能力以更高的估值进行新一轮融资，甚至进行首次公开募股（IPO）。
The company has another key factor in its favor. While rivals Deel and Rippling remain embroiled in a high-profile corporate espionage lawsuit, Gusto has stayed out of those kinds of headlines and focused on its business. Gusto has long been considered an IPO candidate. Even so, a public debut appears iffy in 2026 while the IPO market still remains so frosty. 该公司还有另一个有利因素。当竞争对手 Deel 和 Rippling 仍深陷备受瞩目的商业间谍诉讼时，Gusto 一直远离此类负面新闻，专注于自身业务。Gusto 长期以来一直被视为 IPO 的候选者。即便如此，由于 IPO 市场依然冷清，2026 年上市的前景似乎仍不明朗。
When TechCrunch interviewed Gusto CEO and co-founder Josh Reeves in December, he insisted he doesn’t spend much time thinking about an IPO, preferring instead to focus on serving customers and scaling the business. As for if that’s changed given the revenue milestone, the company won’t say. A Gusto spokesperson tells us: “Nothing to share on the IPO timeline front.” 当 TechCrunch 在 12 月采访 Gusto 首席执行官兼联合创始人 Josh Reeves 时，他坚持表示自己并没有花太多时间考虑 IPO，而是更倾向于专注于服务客户和扩大业务规模。至于这一立场是否因营收里程碑的达成而有所改变，公司方面不予置评。Gusto 发言人告诉我们：“关于 IPO 时间表，目前没有什么可以分享的。”