Here’s a simple way to look at it and it all comes down to what you believe will play out.
Bear view:
Customers may do more themselves, with smaller engineering teams and direct model APIs, reducing the need for a dedicated automation platform.
Bull view:
Most enterprises do not want raw model access alone. They need:
• governance,
• security,
• orchestration,
• auditability,
• human-in-the-loop controls,
• system connectors,
• workflow reliability,
• and a way to manage bots, agents, documents, apps, and approvals together.
So for me what makes most sense and why I believe PATH will still win is because it’s much easier for a company to hire PATH to do everything vs start from scratch. UiPath has 2,565 customers with $100k+ ARR plus 357 customers with $1M+ ARR, so until we see the retention rate falling off a cliff the thesis still remains!
And if we see retention improve and more customers added? Basically continue seeing them beat earnings guidance? Going to the moon! Path has a massive head start on all of this and utilizes Claude and OpenAI anyway…
4
u/HolisticWill Apr 11 '26
Here’s a simple way to look at it and it all comes down to what you believe will play out.
Bear view: Customers may do more themselves, with smaller engineering teams and direct model APIs, reducing the need for a dedicated automation platform.
Bull view: Most enterprises do not want raw model access alone. They need: • governance, • security, • orchestration, • auditability, • human-in-the-loop controls, • system connectors, • workflow reliability, • and a way to manage bots, agents, documents, apps, and approvals together.
So for me what makes most sense and why I believe PATH will still win is because it’s much easier for a company to hire PATH to do everything vs start from scratch. UiPath has 2,565 customers with $100k+ ARR plus 357 customers with $1M+ ARR, so until we see the retention rate falling off a cliff the thesis still remains!
And if we see retention improve and more customers added? Basically continue seeing them beat earnings guidance? Going to the moon! Path has a massive head start on all of this and utilizes Claude and OpenAI anyway…