Atlassian now worth $50bn

Atlassian duo’s fortunes soar as the company’s value doubles in a year to a new record high.

Atlassian’s Scott Farquhar and Mike Cannon-Brookes. Picture: Harold David

Australian tech darling Atlassian has soared to a record valuation, with the company now worth an all-time high of almost $50 billion.

The software maker, which is listed on New York’s NASDAQ exchange, has more than doubled its valuation in the last 12 months, climbing from $US63.61 a share a year ago to $US138.8 on Tuesday, giving it a market capitalisation of $47.8 billion.

It passed Australia’s Telstra in valuation earlier this year and is now sandwiched between the telco and National Australia Bank, which is worth $77 billion.

The news is positive for Atlassian’s co-CEOs Mike Cannon-Brookes and Scott Farquhar, who have equal share holdings in the tech company representing a majority stake. They are now worth more than $12.9 billion each.

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They pair, who placed fourth and fifth on The List - Australia’s Richest 250 when it was published by The Australian in late March, could soon be richer than Anthony Pratt and Gina Rinehart if their company continues its current trajectory.

Speaking to The Australian at the company’s Summit conference in Las Vegas earlier this year, Mr Cannon-Brookes said it was significant for Atlassian to overtake Telstra in total valuation.

“Growing up in Australia, obviously Telecom Australia was an industrial giant,” he said. “It’s an interesting point on the journey and it’s mind blowing that we’re joining these great Australian perspectives.

“From a global perspective it shows software and technology is the biggest industry in the world and continuing to grow really, really fast.

“Everything is becoming a technology problem now, and that’s something we’re right at the centre of.”