First 6 months of this year Gitlab took in $108M in revenue, and had $177M in expenses. Would you pay $10B to own a company that loses $10M/month, with the hopes they will continue to increase revenue in the future and become profitable?
If you had you would've had a 30x return today... (current market cap is ~$112 billion).
God forbids if you bought square long ago and didn't hold long enough, they had multiple years of ups and downs.
The bull argument probably looks something like: replace Microsoft Office 365 / Azure with an integrated "self-hosted" solution, easily deployed to any commoditized compute...handled by GitLab for paying customers, assurances of "escape hatch" to DIY open-source when you stop paying.