BigCommerce, once the credible number two in ecommerce software behind Shopify, has seen its market capitalization fall from roughly $4.8 billion at its 2020 IPO to about $200 million today, trading under the ticker CMRC. The company recently guided full-year 2026 revenue to a midpoint below its 2025 results, highlighting a significant decline in its business performance, according to saastr.com.
In July 2020, BigCommerce rejected a $1.5 billion acquisition offer from Intuit and chose to go public instead, pricing its shares at $24 and closing the first day at $72.27. At that time, it was considered the only standalone pure-play public alternative to Shopify, which dominated the ecommerce software market. However, since then, BigCommerce’s revenue growth has steadily decayed over six consecutive years, while Shopify’s growth rate has remained stable, saastr.com reported.
The revenue gap between Shopify and BigCommerce has widened dramatically, from a 19x difference in 2020 to approximately 44x based on this year’s guidance. BigCommerce’s valuation now stands at less than one times its annual recurring revenue (ARR), rendering it nearly irrelevant in the competitive landscape. This contrasts with Shopify’s sustained growth and dominant market position, underscoring the challenges of maintaining second place in the B2B ecommerce software sector, saastr.com noted.
BigCommerce’s current market cap of around $200 million and its full-year 2026 revenue guidance below 2025 levels illustrate the company’s ongoing struggles. The company is also facing a hostile bid from a smaller competitor, further complicating its position in the market, according to saastr.com.