MongoDB's AI Partner Play: Smart Move or Valuation Trap?

MDB just stacked up some serious partnerships—LangChain, Temporal, Galileo—positioning itself as the go-to database for AI workloads. The numbers look solid: Q3 revenue consensus at $591M (+11.7% YoY), customer count hitting 62K (+17.8% YoY), with high-value accounts (>$100K ARR) growing to 2,699 (+16.6%).

Here's the thing though: MDB is trading at 10.03X forward P/S vs. the industry average of 4.61X. That's a massive premium. Meanwhile, competitors like Snowflake and AWS are playing a different game—broader platform strategies with consulting giants backing them.

The partnership ecosystem is legit and could drive adoption through the dev stack. But is the stock pricing in all that upside already? MDB's up 41.3% YTD while the sector's only up 23.2%. The consensus EPS is actually down 31.9% YoY despite revenue growth—that's a red flag worth watching.

Zacks rates it a Buy (Rank #2), but the valuation feels stretched. If you're looking at MDB, timing matters more than the thesis.