01 · The tape
Golden Door Software Index
Equal-weight session of every application and infrastructure name at or above $1 billion. The full lists, including the small names, stay on Universe.
Sunday, 4 October 2026
Snapshot · industry tables retrieved today
187 names clear the floor, 103 application and 84 infrastructure. Equal-weight session was down 0.22%. Cap-weight was up 0.54%. Infrastructure is 74% of all listed market cap, because the giants sit in that sleeve.
Index names
187
At or above $1.0B
Equal-weight
−0.22%
75 up · 109 down
Cap-weight
+0.54%
Giants set this print
Median cap / sales
4.4×
187 with revenue
02 · Sleeves
Application against infrastructure
| Cut | Names | Cap | Equal | Cap-wt | Median P/S | Cap-wt P/S |
|---|---|---|---|---|---|---|
| $1B index | 187 | $8.72T | −0.22% | +0.54% | 4.4× | 8.1× |
| $1B application | 103 | $2.30T | −0.96% | −0.66% | 4.5× | 5.1× |
| $1B infrastructure | 84 | $6.43T | +0.66% | +0.97% | 4.1× | 10.3× |
| Every listed name | 404 | $8.77T | +0.44% | +0.54% | 3.1× | 7.9× |
| Every application name | 228 | $2.32T | +0.37% | −0.66% | 2.9× | 4.9× |
| Every infrastructure name | 176 | $6.45T | +0.54% | +0.96% | 3.5× | 10.0× |
“Index”, “Application”, and “Infrastructure” in that table are the $1 billion cut. “All listed” rows keep every name on the industry tables, including sub-scale listings that swing an equal-weight print. Cap / sales uses reported revenue on the same table. It is not EV/revenue. StockAnalysis also prints a weighted PE of 68.53 for application (227 names, $2.32 trillion) and 38.66 for infrastructure (176 names, $6.45 trillion). Those PE figures are theirs. We did not recompute earnings.
03 · Valuation
Where the $1 billion book sits
Count of index names by market cap divided by revenue. Names with no revenue figure are left out. A software M&A report would use growth and EV. We do not have either on this snapshot.
Under 5×
102
5–10×
53
10–20×
18
20× and up
14
04 · Constituents
Largest weights by capital
The index itself is equal-weight. This table is cap rank, so you can see what the cap-weight print is actually following. Weight is share of index market cap, not the equal-weight.
- 1MSFTMicrosoft Corporation$3.84T44.0%
- 2PLTRPalantir Technologies Inc.$454B5.2%
- 3ORCLOracle Corporation$431B4.9%
- 4PANWPalo Alto Networks, Inc.$330B3.8%
- 5CRWDCrowdStrike Holdings, Inc.$277B3.2%
- 6SAPSAP SE$239B2.7%
- 7SHOPShopify Inc.$195B2.2%
- 8CRMSalesforce, Inc.$193B2.2%
- 9UBERUber Technologies, Inc.$139B1.6%
- 10NOWServiceNow, Inc.$139B1.6%
- 11FTNTFortinet, Inc.$133B1.5%
- 12NETCloudflare, Inc.$124B1.4%
05 · The book
What the filings cover
364 of 404 listed names are also in the Q3 2025 ownership book, quarter ended 30 September 2025. 27 names in that book sit outside these two industry lists. Security and platform cuts are the usual reason. Tracked value on the overlap is $3.96T. That sum counts one filer from each family.
Outside the lists: APP, VEEV, VRSK, CSGP, BR, TTD, TRMB, FDS, DOCS, WAY, MORN, CWAN and 15 more.
Open the full lists06 · Private
No Crunchbase print
Crunchbase does not hand over private company data without an account and a license. This report does not invent rounds, valuations, or a private index. The private sleeve already in the book is a registry of 46 venture and buyout firms, not a deal tape. A SEG-style quarterly would need M&A multiples and a private mark. Both are still outside this snapshot.
Investor book