-81%

est. 2Y upside i

Series B

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

Rank

#3873

Sector

No-Code Development Platforms

Est. Liquidity

~3Y

Data Quality

Data: Medium

Thunkable presents a risky equity opportunity due to its high $200M valuation relative to its ~$8M revenue (25x multiple) and the significant competitive pressure from tech giants like Google and Microsoft in the no-code space.

Last updated: March 10, 2026

Bull (10%)+300%

Thunkable successfully leverages its AI-powered app generation and education initiatives to significantly expand its user base and attract larger enterprise clients, driving revenue to over $50M by 2028. This strong growth and market position justify a premium valuation of $800M (4x current), leading to a favorable acquisition or a successful IPO.

Base (40%)+25%

Thunkable maintains its position in the no-code mobile app development niche, growing revenue steadily to approximately $20M-$25M by 2028. It continues to face strong competition from larger platforms, leading to a modest valuation increase to $250M, potentially through a strategic acquisition.

Bear (50%)-75%

Incumbents like Google (AppSheet) and Microsoft (Power Apps) aggressively expand into Thunkable's core market, commoditizing key features and intensifying pricing pressure. Coupled with reported product performance issues and inconsistent support, growth stalls, leading to a down round or acquisition at a significantly reduced valuation of $50M, which would largely wipe out common stock value after accounting for $41M in liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

23%

Preferred shareholders hold $41M in liquidation preferences, meaning this amount must be returned to them before common stock holders receive any proceeds in an exit scenario.

Dilution Risk

high

As a Series B company, Thunkable is likely to undergo at least one or more significant funding rounds before an exit, which will dilute existing common stock holdings.

Secondary Liquidity

none

There is no public information indicating an active secondary market or company-sponsored tender offers for Thunkable shares.

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 is Thunkable planning to differentiate its native mobile app development platform and sustain its competitive advantage against the extensive resources and broader low-code/no-code offerings from incumbents like Google's AppSheet and Microsoft's Power Apps?”

  • 2

    “With an estimated annual revenue of ~$8M and a $200M valuation, what are the specific growth strategies and key performance indicators Thunkable is focused on to achieve significant revenue scale and justify its current valuation in the next 2-3 years, particularly regarding enterprise adoption and new user acquisition?”

  • 3

    “Given the Series B funding and the $41M in liquidation preferences, what is the company's anticipated timeline and strategy for a liquidity event, and how does Thunkable plan to ensure meaningful returns for common stock holders in various exit scenarios?”

Community

Valuation Sentiment

Our model estimates -81% 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.