-77%

est. 2Y upside i

DevOps & InfraAI & MLSeries A

Vapi lets enterprises deploy human-like voice agents in minutes. Whether you’re building a voice product or trying to handle millions of calls, Vapi’s reliable infrastructure and flexible APIs make it easy.

Rank

#3163

Sector

Developer Tools, Artificial Intelligence

Est. Liquidity

~5Y

Data Quality

Data: Medium

Vapi operates in a rapidly growing AI voice market with a strong developer-centric platform and enterprise compliance, evidenced by its inclusion in Forbes 30 Under 30 - AI.

Last updated: March 10, 2026

Bull (15%)+300%

Vapi expands its platform beyond developer tools into new enterprise verticals, leveraging its compliance and low-latency infrastructure to capture significant market share from traditional communication providers. Revenue grows to $50M+ by 2028, justifying a $520M valuation at 10x revenue.

Base (35%)+50%

Vapi maintains its position as a strong developer-centric platform, growing its usage-based revenue steadily by expanding its feature set and integrations. Revenue reaches $20M by 2028, leading to a modest valuation increase to $195M, reflecting continued market adoption.

Bear (50%)-80%

Major incumbents like OpenAI and Microsoft integrate advanced, low-cost voice AI capabilities directly into their developer platforms, commoditizing Vapi's core offering. Growth stalls, and a down round to $26M valuation wipes out most common stock value due to the $28M liquidation preference.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

22%

Investors have $28M in liquidation preferences. In an exit at or below $130M, common stock holders would receive value only after the $28M preference is paid out.

Dilution Risk

high

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

Secondary Liquidity

none

There is no indication of an active secondary market or tender offers for Vapi's equity.

Sales & Marketing — 12 roles

Post Sales — 3 roles

G&A — 1 role

View all 23 open roles at Vapi →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the high incumbent threat from companies like OpenAI and Microsoft, how is Vapi planning to differentiate and defend its market position over the next 2-3 years?”

  • 2

    “With current revenue around $8M and a $130M valuation, what is the strategic roadmap for scaling revenue significantly and expanding into new verticals or channels?”

  • 3

    “As a Series A company, what is the anticipated timeline for a liquidity event for employees, and how is the company thinking about managing dilution in future funding rounds?”

Community

Valuation Sentiment

Our model estimates -77% 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.