+112%

est. 2Y upside i

DevOps & InfraSeries C

Rank

#311

Sector

Developer Tools

Est. Liquidity

~3Y

Data Quality

Data: Medium

Coder offers a moderate expected upside of ~112% over 2 years, but faces critical competition from big tech.

Last updated: July 3, 2026

Bull (15%)+200%

Revenue exceeds projection (e.g., 50%+ growth sustained), exit multiple holds at 10x on $127M revenue, driven by IPO window and category leadership. Upside capped at 200% per Series C constraint.

Base (50%)+164%

Revenue grows at projected pace (~35% then 25%), exit multiple converges to comp range of 8x on $127M revenue, yielding ~164% upside before dilution.

Bear (35%)-1%

Revenue growth slows, multiples compress to 5x on $127M revenue, resulting in near-zero upside. Preference stack severe but exit above liquidation preference prevents total loss.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

46%

Total preferred stock of $175.1M represents 45.7% of current valuation, creating significant overhang for common shareholders.

Dilution Risk

low

Recent $90M raise in April 2026 provides runway for at least 2 years, making additional dilution unlikely in the near term.

Secondary Liquidity

limited

Secondary market implied valuation matches primary round, but no active trading data suggests limited liquidity for employees.

General & Administrative — 4 roles

View all 30 open roles at Coder →

Last updated: September 6, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Coder differentiate from GitHub Codespaces in enterprise sales cycles?”

  • 2

    “What is the current net dollar retention and churn rate?”

  • 3

    “Given the Series C raise, what is the expected timeline to IPO or next liquidity event?”

Community

Valuation Sentiment

Our model estimates +112% 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.