GitLab Inc. Thesis

GitLab offers a single application for the entire DevOps lifecycle. Its moat is its all-in-one platform, which simplifies the toolchain for developers and reduces complexity for organizations. This contrasts with a 'best-of-breed' approach that requires integrating multiple tools. The growth driver is the adoption of its higher-priced tiers (Premium and Ultimate) and the increasing need for security and compliance features integrated into the development process. The investment thesis is that GitLab's single-platform strategy will win over customers fatigued by toolchain complexity.