I'm surprised that the author doesn't focus more on the other numbers (the burn numbers aren't surprising to me - see here: https://news.ycombinator.com/item?id=13190371). According to the author's data, GitHub had $25M in ARR in Sep'14. That's 2 years and 2 months after they announced their $100M round, so probably 28 months after they signed a term sheet.
If you calculate back from there, let's say $12M in ARR in Sep'13, $6M in Sep'12 and $4-5M in May'12 - that's insane (them raising $100M). Not sure if Bloomberg's data is correct but if we look at the other data points (probably same source data), $90M in ARR in Sep'16, it seems to be accurate.
Sep'12: $6M (assumed) -- raised $100M a couple of months earlier
Sep'13: $12M (assumed)
Sep'14: $25M (according to Bloomberg)
Sep'15: $50M (assumed)
Sep'16: $90M (according to Bloomberg)
If you calculate back from there, let's say $12M in ARR in Sep'13, $6M in Sep'12 and $4-5M in May'12 - that's insane (them raising $100M). Not sure if Bloomberg's data is correct but if we look at the other data points (probably same source data), $90M in ARR in Sep'16, it seems to be accurate.
Sep'12: $6M (assumed) -- raised $100M a couple of months earlier Sep'13: $12M (assumed) Sep'14: $25M (according to Bloomberg) Sep'15: $50M (assumed) Sep'16: $90M (according to Bloomberg)