+24%

est. 2Y upside i

DevOps & InfraSeries B

Open source data integration and ELT platform

Rank

#1350

Sector

Developer Tools

Est. Liquidity

~4Y

Data Quality

Data: Medium

Given 24% expected upside over 2 years, moderate-high risk from incumbent pressure and potential dilution, equity cautious but undervalued relative to peer multiples.

Last updated: July 19, 2026

Bull (10%)+144%

Bull case driven by AI tailwinds and potential IPO, exit multiple expands to 12x forward revenue on projected $195.9M ARR, yielding $2.35B exit value and 143.5% upside net of 20% dilution.

Base (50%)+45%

Base case with multiple converging to 7.5x, exit value $1.47B, 44.7% upside after dilution.

Bear (40%)-32%

Bear case with multiple compressing to 4x due to competition from Fivetran, exit value $784M, -32.1% upside after dilution.

Est. time to liquidity~4.0 years
Adjusted for competitive dynamics: 30% (raw: 24%, adjustment: +6%)

Preference Stack Risk

high

Funding Intensity

2030%

Total preferred funding of $181.2M represents 20.3% of $891.9M valuation, implying preference overhang of ~$181M before common stock holders receive proceeds.

Dilution Risk

high

With last round in 2021 and 123 employees, a fundraise within 24 months is probable, potentially diluting common stock by 20%.

Secondary Liquidity

moderate

Recent secondary trades at $891.9M valuation provide liquidity for early investors, but employee equity may have restrictions.

Engineering — 2 roles

Sales — 2 roles

Developer Experience — 1 role

Marketing — 1 role

Product — 1 role

Recruiting — 1 role

View all 8 open roles at Airbyte →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Airbyte's data — designed to show you've done your homework.

  • 1

    “How does Airbyte plan to differentiate against Fivetran's established enterprise relationships?”

  • 2

    “Can you walk through the unit economics of the credit-based model and gross margin scalability?”

  • 3

    “What is the current runway and what signals would trigger a down round?”

Community

Valuation Sentiment

Our model estimates +24% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.