My colleagues and I in Blackstone’s Technology Advisory group recently hosted a series of dinners in San Francisco and New York to discuss the trends du jour with many of the thought leaders in the tech sector. Invariably, given all of the excitement around the Facebook IPO, much of the discussion ended up focusing on this topic. Facebook’s IPO, the third largest in U.S. history behind Visa and GM, is certainly cause for much discussion. Here we have a company with $3.7 billion in revenues that last traded in the private markets at a valuation north of $100 billion. That implies a trailing revenue multiple of over 27x, for those doing the math. As such, Facebook, at eight years old, has eclipsed the valuation of such venerable U.S. brands as McDonald’s, Caterpillar, Boeing, American Express, and Amazon, and at pricing is expected to have a valuation higher than Dell, HP, and Adobe, combined.