BVP Nasdaq Emerging Cloud Index, Live
Daily refreshTracking the BVP Nasdaq Emerging Cloud Index daily from FRED time series NASDAQEMCLOUD. The market-cap-weighted index of 60-80 public cloud and SaaS leaders, published by Bessemer Venture Partners.
Bessemer Cloud Index revenue multiple
The BVP Nasdaq Emerging Cloud Index revenue multiple is 7.8x, the average EV/Revenue across its 60-80 cloud and SaaS constituents, as fetched 6 August 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 3.8x (SaaS Capital Index, 31 July 2026). “Revenue multiple” and “EV/Revenue multiple” are the same metric.
| Statistic | Reading | Source |
|---|---|---|
| Average revenue multiple (what BVP publishes) | 7.8x | cloudindex.bvp.com, 6 Aug 2026 |
| Median revenue multiple (typical public SaaS) | 3.8x | SaaS Capital Index, 31 Jul 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 | 3.8x | Latest reading (Jul), rebounded from Jun decade-low |
What This Index Tracks
The BVP Nasdaq Emerging Cloud Index (ticker: EMCLOUD; FRED series: NASDAQEMCLOUD) was launched in 2013 by Bessemer Venture Partners and Nasdaq as a benchmark for the public cloud and SaaS sector. The index includes approximately 60-80 publicly traded cloud and SaaS companies that derive the majority of their revenue from cloud-delivered software and services.
Constituent selection is rules-based but curated. To qualify, a company must be a public-market-listed cloud or SaaS business with sufficient liquidity, market capitalisation, and revenue mix concentrated in cloud-delivered services. The index reconstitutes twice yearly, removing companies that no longer meet the criteria and adding new entrants.
The index is market-cap weighted. This is consequential. When the index reports a value of 1887, that number is dominated by the largest constituents, currently Snowflake, ServiceNow, Datadog, CrowdStrike, and Workday account for a disproportionate share of the index calculation. Smaller cloud SaaS companies (those with $1-5B market caps) contribute marginally to the headline figure.
The index base is set at 100 on August 5, 2013. The current value of 1887 means the index has appreciated ~1787% since launch, peaking at 3097 in November 2021 (a 2997% appreciation from the 2013 base) before compressing through the 2022-2024 rate cycle.
Index Level vs EV/Revenue Multiple, A Critical Distinction
Important: The number on this page (1887) 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 6 August 2026, that figure is 7.8x. 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 -39.1% 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 August 5, 2013 base of 100. The current value (1887) means the basket has appreciated roughly 19x since 2013. Pure price metric.
- Revenue multiple
- Published separately by Bessemer on cloudindex.bvp.com as the average Enterprise Value divided by annualised revenue across constituents, 7.8x as fetched 6 August 2026. Fundamental valuation metric, different from index level.
- Market-cap weighted
- Each constituent's contribution to index calculation is proportional to its market capitalisation. Larger companies (Snowflake, ServiceNow, Datadog) dominate the headline figure. Different from equal-weighted indices like SaaS Capital Index.
- Constituent reconstitution
- Twice-yearly review where Bessemer and Nasdaq remove companies that no longer meet inclusion criteria (market cap thresholds, cloud revenue mix) and add 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.