Revenue
$130.00M
2021
Valuation
$2.00B
2021
Growth Rate (y/y)
277%
2021
Funding
$367.00M
2021
Valuation: $2.00B in 2021
Note: Revenue, growth rate and valuations estimated using publicly available information. Size of bubble indicates valuation.
Unqork has raised $367M from investors like BlackRock, Goldman Sachs, and CapitalG. It was last valued at $2B, and we estimate its valuation to revenue multiple at 15x. This is similar to other enterprise no-code companies such as publicly listed Appian at 11x and privately held Mendix at 15x. Airtable (102x), Webflow (44x), and Zapier (36x) have much higher multiples that reflect the higher percentage of SaaS revenue compared to professional services revenue in their top-line.
Scenarios: $2.7B to $46.6B ARR by 2026
To evaluate Unqork's potential future value, we've analyzed multiple scenarios based on varying growth rates and revenue multiples through 2026. These projections consider different market conditions, company performance factors, and industry comparables to estimate possible valuation outcomes.
| 2021 Revenue ($M) | $130M | ||
|---|---|---|---|
| 2021 Growth Rate (%) | 277.00% |
Unqork demonstrated remarkable revenue performance in 2021, reaching $130M with an impressive 277% growth rate. This explosive growth reflects strong enterprise customer acquisition and increased digital transformation demands across key sectors like asset management, insurance, and banking.
| Multiple | Valuation |
|---|---|
| 1x | $130M |
| 5x | $650M |
| 10x | $1.3B |
| 15x | $1.9B |
| 25x | $3.2B |
Based on Unqork's $130M revenue, valuations scale from $130M at a conservative 1x multiple to $3.25B at an aggressive 25x multiple. The current 15x multiple placing Unqork at $1.95B aligns with industry peers like Mendix, while falling well below the multiples of pure-play SaaS competitors.
| 2026 Growth Rate | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| 10.0% | $130M | $397M | $966M | $1.8B | $2.5B | $2.7B |
| 25.0% | $130M | $402M | $1B | $1.9B | $3B | $3.8B |
| 50.0% | $130M | $411M | $1.1B | $2.3B | $4B | $6.1B |
| 120.0% | $130M | $435M | $1.3B | $3.4B | $8.1B | $17.9B |
| 275.0% | $130M | $489M | $1.8B | $6.9B | $25.9B | $97.2B |
| 255.0% | $130M | $482M | $1.8B | $6.4B | $22.8B | $80.9B |
| 235.0% | $130M | $475M | $1.7B | $5.9B | $19.9B | $66.8B |
| 215.0% | $130M | $468M | $1.6B | $5.4B | $17.3B | $54.6B |
| 200.0% | $130M | $463M | $1.6B | $5B | $15.5B | $46.6B |
Revenue projections span from a conservative $2.7B at 10% growth to an aggressive $97.2B at 275% growth by 2026, reflecting various market adoption scenarios. The base case of 50% growth yields $6.1B, while maintaining current growth rates could push revenue above $46B.
| 2026 Growth Rate | 1x | 5x | 10x | 15x | 25x |
|---|---|---|---|---|---|
| 10.0% | $2.7B | $13.7B | $27.4B | $41.1B | $68.5B |
| 25.0% | $3.8B | $18.8B | $37.7B | $56.5B | $94.2B |
| 50.0% | $6.1B | $30.3B | $60.7B | $91B | $151.7B |
| 120.0% | $17.9B | $89.5B | $178.9B | $268.4B | $447.3B |
| 275.0% | $97.2B | $486.2B | $972.4B | $1458.6B | $2431B |
| 255.0% | $80.9B | $404.5B | $809B | $1213.5B | $2022.5B |
| 235.0% | $66.8B | $333.8B | $667.6B | $1001.4B | $1668.9B |
| 215.0% | $54.6B | $273B | $545.9B | $818.9B | $1364.8B |
| 200.0% | $46.6B | $233.2B | $466.4B | $699.6B | $1166B |
Valuation projections demonstrate significant range based on growth scenarios and multiples - from $2.7B at conservative estimates (10% growth, 1x multiple) to over $2.4T under aggressive assumptions (275% growth, 25x multiple). Mid-range scenarios suggest valuations between $30-90B assuming moderate growth and industry-standard multiples.
Bear, Base, and Bull Cases: 8.5x, 12.0x, 15.0x
To provide structured analysis, we've developed bear, base, and bull case scenarios that consider key factors affecting Unqork's growth trajectory and market valuation. These cases reflect varying market conditions, enterprise adoption rates, and industry multiples to estimate potential outcomes through 2026.
| Scenario | 2026 Growth Rate (%) | Multiple |
|---|---|---|
| Bear 🐻 | 50% | 8.5 |
| Base 📈 | 80% | 12.0 |
| Bull 🚀 | 100% | 15.0 |
Growth projections range from 50% in the bear case to 100% in the bull case, with corresponding multiples of 8.5x to 15.0x reflecting varying market sentiment. Even the conservative bear case assumes continued strong growth, while the bull case anticipates sustained momentum and premium market positioning.
| Bear 🐻 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | $130M | $411M | $1.1B | $2.3B | $4B | $6.1B |
| Growth | 277.00% | 215.95% | 163.50% | 111.05% | 77.06% | 50% |
| Base 📈 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | $130M | $421M | $1.2B | $2.7B | $5.6B | $10B |
| Growth | 277.00% | 224.02% | 178.50% | 132.98% | 103.48% | 80% |
| Bull 🚀 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Revenue | $130M | $428M | $1.2B | $3.1B | $6.8B | $13.5B |
| Growth | 277.00% | 229.40% | 188.50% | 147.60% | 121.10% | 100% |
Our bear, base, and bull cases for Unqork reflect different scenarios for market adoption and competitive positioning in the enterprise no-code space
- In the bear case: Unqork struggles to maintain its growth trajectory, reaching $6.1B in revenue with a 50% growth rate and an 8.5x multiple, resulting in a $51.6B valuation by 2026
- In the base case: Unqork successfully expands its enterprise presence to achieve $10B in revenue with an 80% growth rate and a 12x multiple, leading to a $120.1B valuation
- In the bull case: Unqork becomes the enterprise standard for no-code development, generating $13.5B in revenue with a 100% growth rate and commanding a 15x multiple for a $202.9B valuation.
| Scenario | 1. Bear 🐻 | 2. Base 📈 | 3. Bull 🚀 |
|---|---|---|---|
| 2021 Revenue | $130M | $130M | $130M |
| 2021 Growth Rate (%) | 277% | 277% | 277% |
| 2021 Multiple | 8.5 | 12.0 | 15.0 |
| 2021 Valuation | $1.1B | $1.6B | $1.9B |
| 2026 Revenue | $6.1B | $10B | $13.5B |
| 2026 Growth Rate (%) | 50% | 80% | 100% |
| Multiple | 8.5 | 12.0 | 15.0 |
| 2026 Valuation | $51.6B | $120.1B | $202.9B |
The uncertainty around these three cases depends primarily on Unqork's ability to differentiate in the crowded no-code market, maintain its enterprise market position, and execute geographic expansion while balancing growth with profitability in an increasingly competitive landscape.
- In the Bear case: Unqork struggles to differentiate itself in an increasingly crowded no-code market, with its enterprise-focused strategy proving too narrow as competitors offer similar drag-and-drop interfaces and security features at lower price points, leading to longer sales cycles and compressed multiples closer to typical SaaS companies.
- In the Base case: Unqork successfully maintains its enterprise market position by leveraging its strong presence in regulated industries like finance and insurance, while gradually expanding into new verticals and geographic regions, justifying multiples in line with established enterprise software companies.
- In the Bull case: Unqork's no-code platform becomes the de facto enterprise standard for application development, successfully expanding beyond the US into rapid-growth markets while moving downstream to capture mid-market companies with a self-serve model, all while maintaining its premium positioning in highly regulated industries.
These final valuations present a wide range of potential outcomes for Unqork. Even the bear case projects a substantial valuation of $51.6B in 2026, while the bull case at $202.9B would position Unqork as a major player in the enterprise software market.
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