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Also, their business model is “GitHub, but cheaper”.

We now know what GitHub was worth, and it puts the lie to inflated valuations in this space. When $8Bn is a huge deal for your industry, it gets hard to sell higher valuations with a straight face.

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I'm curious how you came to this conclusion about GitLab's business model? GitLab is pretty clear on the homepage. The business model is to compete in 9 different categories, only one of which is GitHub. (GitLab pricing is also higher than GitHub which makes sense when the offering provides more the functionality.)

Gitlab is absolutely not higher than GitHub, unless you ignore all of the people who are running self-hosted Gitlab for free.

GitHub makes most of its revenue from the self-hosted market. GitLab is burning this market to the ground.

I doubt that - GitHub makes most of it's money from SaaS market I'd have thought.

GH Enterprise pricing is $21 /user/mo [1]

GL Ultimate pricing is $99 /user/mo [2]

[1] https://github.com/pricing/enterprise [2] https://about.gitlab.com/pricing/#self-managed

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