The Sweetgreen premium
Axios' favorite unprofitable salad vendor, Sweetgreen, starts trading as a public company today. At the IPO price of $28 per share, it has an enterprise value of $2.85 billion, or 9.5 times the $300 million of revenue it saw over the past 12 months.
Why it matters: Other restaurant chains can only dream of such a valuation, but Sweetgreen has managed to persuade the market that it's as much a fast-growing tech company as it is a salad shop.
Be smart: Expect further stock market listings from the likes of Torchy’s Tacos, Panera, and Fogo de Chão. If Sweetgreen stock continues to trade well, we might also see IPOs from P.F. Chang’s and California Pizza Kitchen.