-61%

est. 2Y upside i

DevOps & InfraAI & MLSeries B

Warp began with the vision of reimagining one of the fundamental dev tools—the terminal—to make it more usable and powerful for all developers. As AI has advanced, Warp has evolved beyond its terminal roots into the platform for Agentic Development: a workbench for dispatching agents to code, deploy, and debug production software.

Rank

#1479

Sector

Developer Tools, AI

Est. Liquidity

~4Y

Data Quality

Data: Medium

Warp presents a moderate upside opportunity driven by its explosive recent growth in the AI developer tools sector, with a current ARR of ~$36M and a valuation of ~$293.56M.

Last updated: March 10, 2026

Bull (25%)+300%

Warp successfully fends off incumbents by rapidly iterating on its agentic development environment, leveraging its Rust-based performance and unique collaborative AI features to capture significant market share. Revenue scales to over $100M by 2028, maintaining a premium 8.8x multiple due to strong AI differentiation and market leadership, justifying a $880M+ valuation.

Base (30%)+75%

Warp continues to grow, but faces intense competition from GitHub Copilot and Google's AI offerings, limiting its market penetration. It maintains a strong niche in collaborative, performance-focused AI terminals, reaching approximately $60M ARR by 2028 and achieving a 1.75x valuation of ~$514M.

Bear (45%)-70%

Incumbents like Microsoft and Google commoditize core AI terminal features, and Warp struggles with platform dependency costs for LLMs. Growth stalls, leading to a down round or acquisition at a significantly reduced valuation of ~$88M, wiping out most common stock value given liquidation preferences.

Est. time to liquidity~3.5 years

Preference Stack Risk

high

Total funding of $73M represents 24.8% of the current $293.56M valuation, meaning investors hold $73M in liquidation preferences ahead of common shareholders. In an exit at or below $73M, common shareholders would receive nothing.

Dilution Risk

high

As a Series B company experiencing high growth, further funding rounds are likely within the next 2-3 years, which will lead to additional dilution for existing equity holders.

Secondary Liquidity

limited

While platforms like Forge and EquityZen facilitate secondary trades for accredited investors, market activity for Warp is currently low, with no active buyers or sellers reported.

Other — 6 roles

View all 6 open roles at Warp →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How is Warp planning to differentiate its agentic development environment and defend its market position against the increasing AI capabilities of incumbents like GitHub Copilot and Google's Gemini CLI?”

  • 2

    “Given the reported '15x revenue growth' and the shift to usage-based AI billing, what are the key drivers for sustaining this growth trajectory, and how does the company plan to expand its enterprise adoption beyond individual developers?”

  • 3

    “With $73M in total funding and a Series B valuation of ~$293.56M, how does the company envision the path to a liquidity event for employees, and what are the expectations regarding future dilution or secondary liquidity opportunities?”

Community

Valuation Sentiment

Our model estimates -61% 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.