-81%

est. 2Y upside i

Productivity

Rank

#3787

Sector

Project Management, Collaboration Software

Est. Liquidity

~0Y

Data Quality

Data: Medium

The equity opportunity is complex as Trello was acquired by Atlassian in 2017 for $425M, meaning any equity offered would be in Atlassian (TEAM) stock, not Trello directly.

Last updated: March 10, 2026

Bull (10%)+100%

Trello significantly expands its user base and enterprise adoption by deeply integrating within the Atlassian ecosystem and launching innovative features for personal and team productivity, accelerating revenue growth to 35% YoY. This enhanced performance contributes positively to Atlassian's overall valuation, leading to a hypothetical 100% increase in Trello's implied value over two years.

Base (45%)+40%

Trello maintains its position as a popular collaboration tool, growing steadily at 25% YoY by retaining its existing user base and attracting new small-to-medium businesses. While facing intense competition, its consistent performance provides stable, albeit moderate, contribution to Atlassian's revenue, resulting in a hypothetical 40% increase in Trello's implied value over two years.

Bear (45%)-50%

Increased competition from integrated offerings by Microsoft and Google, coupled with potential cannibalization from Atlassian's own Jira, leads to Trello's growth slowing to 10% YoY. This reduced performance and market pressure could lead to a hypothetical 50% decrease in Trello's implied value, potentially impacting Atlassian's strategic focus on the product.

Est. time to liquidity~0.0 years

Preference Stack Risk

low

Funding Intensity

2%

Investors held $10M in liquidation preferences prior to the acquisition, which represented a low 2.35% of the $425M acquisition valuation.

Dilution Risk

low

As Trello is part of Atlassian, future dilution would be tied to Atlassian's public stock issuance, not private funding rounds for Trello.

Secondary Liquidity

active

Equity would be in Atlassian (TEAM) shares, which are actively traded on the NASDAQ.

Questions to Ask at the Interview

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

  • 1

    “Given Trello's position within the broader Atlassian portfolio, how does the team strategize to differentiate Trello from Jira, and what are the key areas of collaboration or potential competition between the two products?”

  • 2

    “With major incumbents like Microsoft and Google offering integrated collaboration suites, how does Trello plan to maintain and grow its market share, particularly in the enterprise segment, beyond its current 25% YoY growth?”

  • 3

    “Since Trello was acquired by Atlassian in 2017, the equity offered would be in Atlassian stock. How does Trello's performance and strategic roadmap contribute to Atlassian's overall growth and shareholder value, and what are the typical vesting schedules and RSU refresh policies for employees?”

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.