BVP Nasdaq Emerging Cloud Index, Live
Daily refreshThe BVP Nasdaq Emerging Cloud Index (ticker EMCLOUD, also called the BVP cloud index or Bessemer SaaS index) reads a 9.0x average revenue multiple, 20.6% average revenue growth and a $2.8T combined market cap on cloudindex.bvp.com (27 October 2026). It is Bessemer Venture Partners' and Nasdaq's equal-weighted index of 65 fast-growing public cloud companies (October 2026); we track its price level daily from FRED series NASDAQEMCLOUD.
Bessemer Cloud Index revenue multiple
The BVP Nasdaq Emerging Cloud Index revenue multiple is 9.0x, the average EV/Revenue across its cloud constituents, as fetched 27 October 2026 from cloudindex.bvp.com. Bessemer publishes an average, not a median, so the typical public SaaS company trades lower: the median revenue multiple is 4.2x (SaaS Capital Index, 30 September 2026). “Revenue multiple” and “EV/Revenue multiple” are the same metric.
| Statistic | Reading | Source |
|---|---|---|
| Average revenue multiple (what BVP publishes) | 9.0x | cloudindex.bvp.com, 27 Oct 2026 |
| Median revenue multiple (typical public SaaS) | 4.2x | SaaS Capital Index, 30 September 2026 |
| EV/Revenue multiple | Same metric | Enterprise value / annualised revenue |
Revenue multiple by year
Bessemer publishes only a current average for the BVP Cloud Index and no historical median series, so the standard reference for the public-SaaS median revenue multiple by year is the equal-weighted SaaS Capital Index:
| Year | Median revenue multiple | Context |
|---|---|---|
| 2021 | 13.7x | Cycle peak (16.9x in Aug 2021) |
| 2022 | 6.5x | Rate-cycle repricing |
| 2023 | 7.0x | Range-bound recovery |
| 2024 | 7.0x | Held in the 5.6-7x band |
| 2025 | 5.6x | Year-end, pre-AI re-rating |
| 2026 | 4.2x | Latest reading, recovered from the June decade-low |
What This Index Tracks
The BVP Nasdaq Emerging Cloud Index (ticker: EMCLOUD; FRED series: NASDAQEMCLOUD) is run by Bessemer Venture Partners and Nasdaq as a benchmark for the public cloud software sector; Nasdaq dates the index from 2 October 2018. It held 65 components in October 2026, each deriving the majority of its revenue from business software delivered and priced on a cloud model.
Constituent selection is rules-based. A company must be US-listed, have at least $500M market cap and $5M average daily trading value, and, to enter, have grown revenue at least 15% in each of its last two fiscal years (an existing member stays if it grew 7%+ in one of the last two). Bessemer reconstitutes the index each February and August.
The index is equal-weighted: at each February and August rebalance every component is reset to the same weight, so a $1B cloud company moves the index level as much as a $100B one. Between rebalances, winners drift to larger weights until the next reset.
The index began at a base value of 1,000 on 2 October 2018. The current value of 2103 is ~110% above that base, after peaking at 3097 in November 2021 (210% above base) before compressing through the 2022-2024 rate cycle.
Index Level vs EV/Revenue Multiple, A Critical Distinction
Important: The number on this page (2103) is the index price level, not the median EV/Revenue multiple. They are different metrics. The index level tells you how the cloud SaaS basket has performed in price terms; the EV/Revenue multiple tells you what investors pay per dollar of revenue.
Bessemer publishes the average revenue multiple of the index constituents separately, on cloudindex.bvp.com. As fetched on 27 October 2026, that figure is 9.0x. Note it is an average, not a median, so a handful of premium-multiple leaders pulls it above what the typical constituent trades at.
The two numbers move differently. A drawdown in the index level (currently -32.1% from the November 2021 peak) does not mean the revenue multiple dropped by the same amount. Revenue grew over the same period; the multiple compressed by a different percentage because the denominator expanded. Watch both: index level for sentiment, multiple for fundamental valuation.
For mathematical context: an index price drawdown of 50% combined with 30% cumulative revenue growth implies an EV/Revenue multiple compression of roughly 60%, depending on how net debt and share count moved. The index level is a simpler, more visible signal but it understates the actual valuation reset that took place 2022-2024.
Index Methodology Terms
- Index level
- Price-based number relative to the base value of 1,000 set on 2 October 2018. The current value (2103) means the basket is worth roughly 2.1x its October 2018 level. Pure price metric.
- Revenue multiple
- Published separately by Bessemer on cloudindex.bvp.com as the average Enterprise Value divided by annualised revenue across constituents, 9.0x as fetched 27 October 2026. Fundamental valuation metric, different from index level.
- Equal-weighted
- Every constituent is reset to the same weight at each semiannual rebalance, so small and large companies move the index level equally. This is how Nasdaq's methodology builds the BVP index; it is not market-cap weighted.
- Constituent reconstitution
- Twice-yearly review (February and August) where Bessemer removes companies that no longer meet the inclusion criteria (market cap, liquidity, revenue growth, cloud revenue mix) and adds qualifying new entrants. Step-changes in headline value at reconstitution dates are not pure market movement.
- FRED time series
- The Federal Reserve Bank of St. Louis publishes the BVP index daily as time series NASDAQEMCLOUD. Free, no-auth API access for downstream tracking and analysis.