Noah@antibearthesis
$NOW CEO Bill McDermott just laid out the 2030 plan at FAD 2026:
• Subscription revenue to double to $30B+
• Rule of 60 (non-GAAP) and Rule of 50 (GAAP)
• TAM now $600B, up ~100% YoY
• 6 business lines at $1B+
• Highest renewal rate in SaaS
• Serving 90% of the Fortune 500 (up 500 bps)
• 100B+ annual workflows, up 25% YoY
• 7T transactions, up 25% YoY
• AI Control Tower integrates with AWS, OpenAI, Anthropic, NVIDIA, Palantir, Azure, GCP, OCI, Databricks, Snowflake, Salesforce, Adobe, Workday, SAP & more
Bill McDermott:
“$30B by 2030 is my bear case - the board didn’t let me present my real expectations.”