---
title: "The Post Election Surge is Unevenly Distributed"
description: "Analyze post-election market trends: Crypto surges up to 324% while SaaS multiples remain flat. Key insights on IPO outlook and growth drivers in tech markets."
categories: ["data analysis","financials"]
keywords: ["Theory Ventures","Tomasz Tunguz","post-election market trends","crypto valuation","SaaS multiples","IPO outlook","financial analysis","venture capital","software ecosystem","AI-first companies"]
ai_summary: "Post-election market analysis reveals uneven growth in crypto and flat SaaS multiples, with insights on IPOs and tech valuations."
date: 2024-11-11
lastmod: 2026-07-31
canonical_url: https://www.tomtunguz.com/post-election-surge/
author: "Tomasz Tunguz"
---

After the election, the public markets have roared, but not equally.

![image](https://res.cloudinary.com/dzawgnnlr/image/upload/cjvxqgykejy71iepgdgw.png)
The broad software ecosystem has seen a relatively muted change in forward multiples. There's no statistically significant change in the days after the election compared to the month before. 

![image](https://res.cloudinary.com/dzawgnnlr/image/upload/skr6sl6t7qsd4n1pikjd.png)
On the other hand, crypto's top tokens have seen tremendous appreciation. Bitcoin is up 48% ; Solana up 70% ; & SUI up 324% in the few days since the announcenment. All of those ar statistically significant changes. 

The rapid appreciation in crypto has been catalyzed by the anticipated clarity in crypto regulation & the potential for the Federal Reserve Bank to become a significant buyer of Bitcoin.  

The sudden rise in prominence of [stablecoins](https://tomtunguz.com/stablecoins/) & the relaxation of certain regulations could provide a boost to the US Dollar as a reserve currency paralleling the [Eurodollar phenomenon](https://en.wikipedia.org/wiki/Eurodollar) of the late-1950s & beyond (a good subject for a future post).

When will forward mulitples in overall software rise again? An open IPO market should introduce more names with growth rates greater than 30%. Today, there are no publics growing more than  that.  

A more permissive M&A environment should increase demand for software businesses; more demand should increase valuations as well.

Last, the growth rates of AI-first companies has increased private valuations meaningfully, a trend that should spill over to the public market soon.

The valuation environment shows early signs of changing, but the impact of the election isn't broadly distributed.