Mirakl premium over VTEX

The gap says more about growth quality than size. VTEX is bigger on reported revenue, but public investors are pricing it like a slower moving commerce software vendor, while Mirakl still carries a private valuation set when marketplace software was comped on faster growth and category scarcity. By 2025, VTEX reached $240.5M in revenue with 6.1% growth, while Mirakl was estimated at $218M ARR with 23% growth and its first full year of profitability, which better fits a premium private narrative even if the absolute revenue base is smaller.1 2 3 4 5

• The models are close enough to compare, but not identical. VTEX sells a broader commerce stack, with storefront, order management, B2B commerce, marketplace management, and retail media. Mirakl is more narrowly centered on helping large retailers and wholesalers add third party sellers, seller onboarding, payouts, and marketplace ads, which makes its growth read more like a pure play bet on the marketplace layer.2 3 5
• VTEX is already marked by the public market every day. On October 19, 2026, its market cap was about $770M. Mirakl’s $3.5B mark comes from its September 2021 Series E and has not been reset in a new priced round, so the comparison is really public clearing price versus private carrying value.4 6
• Mirakl also has a cleaner growth story right now. Its network had grown to 13,000 plus pre vetted sellers and 450 plus customers, and it added launches at Best Buy, Ulta Beauty, Lowe's, and Tesco. That creates a picture of share gains in enterprise marketplace software, while VTEX is still proving that newer bets like B2B, retail media, and AI can offset its slower core growth.1 2 3

The next valuation step will likely bring these numbers closer together. If Mirakl keeps compounding near the low 20s and turns marketplace software into a broader profit engine through ads, payouts, and seller network effects, it can defend a premium. If growth slows toward VTEX levels, any IPO or financing will probably compress the gap fast.1 2 3 4