Shopify today has an enterprise value of $34 billion. Its gross merchandise value (GMV) through Q3-2019 was $40 billion, up 50% over the same period in 2018. From this GMV, it collected just over $1 billion in revenues from recurring subscriptions and payments products at 56% blended gross margins. If we assume Q4-19 will be 50% higher than Q4-18 (... See more