Notion: $2M seed → $11B in 12 years. A great case study on growing into your valuation The journey: 2013: $2M seed 2019: $3M ARR → $800M val (267x) 2020: $13M ARR → $2B val (154x) 2021: $31M ARR → $10B val (322x) ← peak ZIRP froth 2022: $67M ARR → $10B val (149x) 2023: $250M ARR → $10B val (40x) 2024: $400M ARR → $10B val (25x) 2025: $600M ARR → $11B val (18x) ← today Revenue grew 19x in 4 years. Valuation moved 10%. That's how you fix a stretched multiple—you don't. You outgrow it. The AI…