-64%

est. 2Y upside i

DevOps & InfraSeries A

Ngrok is an API-first ingress-as-a-service platform that helps developers get their apps online faster and more securely. Its simplicity has made it a de facto standard tool among developers, and it is recommended throughout the documentation of the world's top technology brands, including Microsoft, GitHub, Okta, Shopify, Zoom, and Twilio

Rank

#829

Sector

Developer Tools, Cloud Infrastructure, API Management

Est. Liquidity

~4Y

Data Quality

Data: Low

Ngrok presents a moderate upside opportunity driven by its strong fundamentals, including 100% YoY revenue growth and profitability in a large developer tools market.

Last updated: March 10, 2026

Bull (30%)+350%

Ngrok leverages its API-first platform and strong developer community to successfully expand into enterprise API gateway and unified ingress, capturing significant market share despite incumbent competition. Revenue reaches $90M+ by 2028, justifying a $2.25B+ valuation at 25x revenue.

Base (30%)+75%

Ngrok maintains its strong position in the developer tools market, growing steadily but facing continued pressure from Cloudflare Tunnel and other alternatives. Revenue reaches $60M by 2028, leading to an $875M valuation at 14.5x revenue.

Bear (40%)-80%

Cloudflare's aggressive expansion of its free Tunnel offering and Ngrok's perceived high costs and lack of UDP support significantly erode its market share and pricing power. Revenue struggles to exceed $30M by 2028, resulting in a down round or acquisition at a $100M valuation, wiping out most common stock value given the $50M liquidation preference.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Investors hold $50M in liquidation preferences, which is 10% of the estimated current $500M valuation.

Dilution Risk

high

As a Series A company, Ngrok will likely raise additional funding rounds, leading to further dilution for existing equity holders.

Secondary Liquidity

none

There is currently no active secondary market or tender offer for Ngrok shares.

Other — 1 role

View all 1 open roles at Ngrok →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “Given Cloudflare's aggressive push into secure tunneling with Cloudflare Tunnel, how does Ngrok plan to maintain its competitive edge and differentiate its offerings, particularly for enterprise customers and those requiring UDP support?”

  • 2

    “With Ngrok's reported 100% YoY growth and profitability, what are the key strategic initiatives to sustain this growth trajectory over the next 2-3 years, especially considering the large TAM and your current market penetration?”

  • 3

    “As a Series A company with $50M in funding, how does Ngrok envision the path to a liquidity event for employees, and what are the company's plans regarding future funding rounds or potential secondary liquidity?”

Community

Valuation Sentiment

Our model estimates -64% 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.