+10%

est. 2Y upside i

DevOps & InfraSeries 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

#3278

Sector

Developer Tools

Est. Liquidity

~4Y

Data Quality

Data: Low

Warp is a high-risk equity position for a candidate accepting an offer today.

Last updated: May 14, 2026

Bull (15%)+180%

The April 2026 open-source terminal launch drives viral developer adoption and fuels premium upsell into the Oz cloud agent platform, re-accelerating ARR from $16M to ~$32M at 40%+ CAGR; Sequoia leads a Series C at ~$650-700M. After the $73M preference stack, common stockholders realize approximately 180% gains assuming moderate additional dilution from the new round.

Base (50%)+15%

ARR grows at a modest 17-20% CAGR to ~$22M over two years as competition from Cursor and GitHub Copilot constrains market share expansion; a Series C prices at roughly $300-340M on compressed multiples for slower-growth AI tooling. With $73M in liquidation preferences absorbing a large portion of exit value, common stock gains are limited to approximately 15%.

Bear (35%)-70%

ARR growth stalls below 10% as Cursor and GitHub Copilot dominate AI-assisted coding and the open-source pivot disrupts existing monetization before the cloud tier matures; Warp faces a down round or distressed acquisition in the $100-140M range. With $73M in senior liquidation preferences, common stockholders recover very little — an estimated 70% loss on grant-date equity value.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

27%

$73M in total liquidation preferences sits against an estimated ~$250-300M implied valuation (24-29% of cap); exits below ~$150M would leave common stockholders with near-zero recovery after preferred claims.

Dilution Risk

high

At 98 employees with no disclosed path to profitability and a revenue base of $16M ARR, Warp will almost certainly raise a Series C before any liquidity event, implying an additional 15-25% dilution to common shareholders.

Secondary Liquidity

none

No secondary market activity, tender offer signals, or structured liquidity programs are apparent; any return is entirely contingent on a future IPO or M&A event, most likely 3-5 years away.

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

    “What has happened to new ARR, churn, and pipeline conversion rates quarter-by-quarter since the open-source launch in April 2026, and how is the Oz cloud agent tier performing relative to internal projections?”

  • 2

    “What is the current attach rate of paid cloud tiers to free open-source terminal users, and what is the blended ARPU for enterprise versus individual paid seats?”

  • 3

    “What is the most recent 409A common stock valuation, how large is the remaining unallocated option pool, and has there been any secondary market activity or tender offer for existing employee or investor shares?”

Community

Valuation Sentiment

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.