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Great points especially about headcount being causal of growth rather than resultative. Keeping tab on the CAC to LTV spend in public enterprise companies will surely result in interesting insights.
I am not sure whether there will be a centralized/public lender (Sand Hill Sachs) in lending to software companies. There have been structural shifts in public and private markets where there has been an increase in non-bank private lending (see whitepaper by Ares) mainly because a) banks have shifted focus to larger companies/borrowers and b) private debt is better positioned to sustain the risk associated with lending to smaller companies. I see this structural shift to extend to the private debt market for software companies.
Why? Unlike deposit-funded commercial banks, non-bank lenders generally operate through closed-end funds and lower leverage, allowing them to bear more risk and sustain riskier debt loans. Also distributed lending through multiple private entities allows for a distribution of the systemic risk rather than accumulating in one entity (which, if gone wrong, would lead to collapse of the tech lending market).