AI SaaS Leader Moveworks Sells for $2.85 Billion. But Do Most of Their Investors Make Any Money?

So the headline is incredibly impressive.  AI Support / Agent leader Moveworks at $100m+ ARR sells to ServiceNow for $2.85 Billion, a 20x-25x ARR exit and a huge, huge price in absolute terms.

It’s ServiceNow’s largest acquisition … ever.

A huge exit.  But do the investors actually make any money here?  And should you care?

The answers are murky.  Why?  Moveworks raised $200m of its $315m in VC Capital in 2021 … at a $2.1 Billion valuation

Add in dilution since 2021,…