-34%

est. 2Y upside i

Series B

Thunkable is the no-code platform to build powerful native mobile apps

Rank

#3011

Sector

No-Code Development Platforms

Est. Liquidity

~4Y

Data Quality

Data: Low

The equity upside for a new hire at Thunkable is poor, with an expected return of -34% over 2 years.

Last updated: July 21, 2026

Bull (30%)+87%

If Thunkable achieves an IPO window within 2 years and maintains high growth, the revenue multiple could hold at ~33x, leading to a valuation of $724M. After 20% dilution, net equity upside is 87%.

Base (50%)-79%

As growth slows and the multiple converges to public SaaS comps (5-8x), firm value drops to $142M. With 20% dilution, common stock loses ~79% of its value.

Bear (20%)-100%

If competition intensifies and growth stalls, the multiple compresses further to 3x, implying a $66M exit value. Combined with dilution, equity is completely wiped out.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

10%

Total preferred stock is $33.6M, representing 9.6% of current valuation, so preference overhang is moderate.

Dilution Risk

high

With $30M Series B in 2022 and high cash burn, another funding round is likely, diluting common shareholders by at least 20%.

Secondary Liquidity

none

No secondary market activity has been observed; employee equity is illiquid until an exit.

Data — 1 role

Engineering — 1 role

Marketing — 1 role

Sales — 1 role

View all 4 open roles at Thunkable →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Thunkable differentiate from Bubble and FlutterFlow in terms of target users and native mobile capabilities?”

  • 2

    “What is the primary customer acquisition channel and how does the subscription model drive unit economics?”

  • 3

    “What is the expected timeline to liquidity, and has there been any secondary market activity for employee shares?”

Community

Valuation Sentiment

Our model estimates -34% 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.