Julian Lehr asked a good question the other day on X: what if Slack had never sold to Salesforce, stayed in founder mode, and went hard at AI? What would the product look like, and what would it be trading at? What would an independent Slack look like today? Probably $2.5B ARR growing 25%, trading at 7x-8x ARR and seeing a recent boost from agents and AI last quarter Sort of a 2x GitLab So worth much less that they sold for ($27B+), not even adjusting for time or dilution https://t.co/F3ab1PiQ4S — Jason ✨👾SaaStr.Ai✨ Lemkin (@jasonlk) September 3, 2026 Two answers. It would almost certainly still be one product with an ecosystem bolted on. And it would trade like Atlassian at a discount, which puts it around $16B to $20B . Salesforce paid $27.7B. It May Still Mainly Be One Product, And That’s Most Of The Discount Atlassian is arguably the closest comp to Slack. Atlassian’s Teamwork Collection, which bundles Jira, Confluence, Loom and Rovo, crossed 1 million seats and 1,000 cus