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.
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 1,438, 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 1393 means the index has appreciated ~1293% 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 (1393) 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 median EV/Revenue multiple of the index constituents separately, in their Cloud 100 Benchmarks Report and quarterly index commentary. As of the most recent Bessemer report, that figure is approximately 8.0x.
The two numbers move differently. A 50% drawdown in the index level (which has happened — the index is down ~53% from its peak) does not mean the EV/Revenue multiple dropped 50%. Revenue grew during the same period; the multiple compressed by a smaller 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 (currently around 1,438) means the basket has appreciated ~14x since 2013. Pure price metric.
- EV/Revenue multiple
- Calculated separately by Bessemer as the median Enterprise Value divided by trailing-twelve-month revenue across constituents. Currently ~8.0x. 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.
Frequently Asked Questions
What is the BVP Nasdaq Emerging Cloud Index?
Does this index value represent the SaaS valuation multiple?
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Founder of Digital Signet, an independent research firm publishing data-led pricing and decision tools. SaasValuationMultiple.com is sourced from Software Equity Group quarterly reports, public IPO comparables, SEC 10-K filings, and PitchBook excerpts. Multiples shown are reference ranges; for case-specific guidance consult an M&A advisor.