-41%

est. 2Y upside i

DevOps & InfraSeries D+

API gateway and service connectivity platform for microservices

Rank

#3156

Sector

Developer Tools

Est. Liquidity

~3Y

Data Quality

Data: Medium

Kong offers a strong product in a growing market, but the current secondary valuation discounts the business, and the high preference stack and expected dilution make equity upside negative over 2 years.

Last updated: July 19, 2026

Bull (10%)+17%

Bull case: 10% probability. Multiple holds at 12x, exit value $2.15B; after 20% dilution from a likely raise, net upside ~17%.

Base (50%)-17%

Base case: 50% probability. Multiple compresses to 9x, exit value $1.61B; net of 20% dilution, upside -17%.

Bear (40%)-85%

Bear case: 40% probability. Multiple falls to 5x, exit value $897M; preference stack recovers $345M, common gets $552M; after dilution, net downside -85%.

Est. time to liquidity~3.0 years
Adjusted for competitive dynamics: -43% (raw: -41%, adjustment: -2%)

Preference Stack Risk

high

Funding Intensity

2190%

Total preferred liquidation preference of $345M represents 22% of entry valuation, a high overhang that could significantly dilute common in a down scenario.

Dilution Risk

high

Given $345M raised and no profitability, another raise within 24 months is probable, potentially diluting existing shareholders by 15-25%.

Secondary Liquidity

limited

Secondary transactions have occurred at a discount to the last round, but liquidity for employees may be limited and subject to company approval.

All Cost Center — 106 roles

View all 106 open roles at Kong →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Kong plan to differentiate from the integrated API management offerings of cloud hyperscalers?”

  • 2

    “With usage-based pricing, how does Kong ensure predictable revenue growth and customer retention?”

  • 3

    “Given the secondary market valuation discount, what is the expected timeline to liquidity and how does the company view equity compensation for employees?”

Community

Valuation Sentiment

Our model estimates -41% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

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