Well where I live, the final salary you get in your pocket is about 60% of what the employer has to pay (the rest are taxes and "social charges" which include medical insurance and retirement funds). If it's the same where OP lives, then he was probably thinking about 125k salarys + taxes, charges, etc.

Also, he must be considering other expenses that come with having employees (though he did say "25m in salaries").

Still, if you bring the salaries to 100k a year, it still compares favorably to GitLab: $11k vs 10M.

You of course realize that "salary seen by the employee" is not at all the same as "costs payed by the employer". (For example, social security and health insurance).

I would guess fully-loaded cost is 2x salary, so perhaps I should have said "amount you'll be paying for staff" :)