Atlassian is probably a fair bit away from that. Amazon is much closer to that mark today but they got there after following exactly this strategy since the 90s.
How do you justify that?
One way Atlassian's market size gets limited is by being viewed as a competitor to Microsoft (or other large incumbent's) products. Some customers can choose both, but not everyone can. The feature and experience differences don't matter much to the buyers (procurement), so if something is cheaper elsewhere, then it's a harder sell. It also increases risk in a potential recession where Atlassian is viewed as a luxury option. I feel like JetBrains play a smarter game here.
It feels like folks have forgotten how bad a niche developer tools have been. Circumstances have meant that VCs have been throwing money at developer tools and developer experience has been in vogue. Things will probably be better in this wave than previous ones, but it's still much riskier than other markets. Developers may rule the world, but the software powering their day-to-day is very different between software companies and the majority building line-of-business software.
I don't think people, even here, understand how simply large and growing the market is for software development tools.
https://www.gartner.com/en/newsroom/press-releases/2022-04-0...
But, you can't grow forever. At some point you hit things like the maximum market size and there's no longer any way to invest your profits back into growth.
Or, to hit a lot closer to home: As a stockholder, your stock won't appreciate in value forever. Software companies very rarely turn into Microsofts and Googles. You need to sell at some point in order to realize the value of your investment. (Unless you're getting dividends.)