The current state of the enterprise software market reveals a significant disparity between private and public valuations. There are only 72 public software companies with valuations exceeding $5 billion, most of which were created pre-2010, while over 1,500 private software companies, often referred to as unicorns, hold similar valuations. This imbalance highlights the potential challenges for private companies seeking to go public. Additionally, private market buyout valuations remain elevated, with high deal multiples. The secondaries market may offer more attractive pricing opportunities for investors. Concerns are also raised about the future of Series B and C enterprise software investments, which may face difficulties unless public company multiples rebound or entry prices decrease. Market observers suggest that 10-15 meaningful software IPOs are needed before discussing a potential market top.