-74%

est. 2Y upside i

DevOps & InfraSeries C

WorkOS is an API platform that simplifies implementing crucial enterprise features like User Management, Single Sign-On (SSO), Directory Sync (SCIM), Audit Logs, and more. With WorkOS, SaaS products can become enterprise-ready in minutes, instead of months, instantly unlocking multi-million dollar enterprise deals.

Rank

#3868

Sector

Developer Infrastructure

Est. Liquidity

~2Y

Data Quality

Data: Low

Despite strong customer traction and an IPO catalyst, WorkOS's current $2B valuation implies a 46x ARR multiple, far above public comps (5-15x).

Last updated: July 3, 2026

Bull (15%)-44%

Assuming IPO window sustains a 15x revenue multiple, the company exits at $1.2B. After preference, common sees -44% upside, still negative due to high entry valuation.

Base (35%)-67%

Multiple compresses to 10x, exit at $800M. Common recovers only $601M, a -67% loss from common entry value.

Bear (50%)-89%

Multiple drops to 5x due to incumbent competition, exit at $400M. After preference, common gets $201M, an -89% loss.

Est. time to liquidity~2.0 years

Preference Stack Risk

moderate

Funding Intensity

993%

With $198.58M preferred stock, common equity is diluted by ~10% in a liquidation scenario.

Dilution Risk

low

No additional raise expected within 24 months given recent Series C.

Secondary Liquidity

limited

Secondary transactions at $1.95B imply a slight discount to last round, suggesting limited liquidity.

Questions to Ask at the Interview

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

  • 1

    “How does WorkOS plan to maintain its growth rate against Okta's enterprise distribution?”

  • 2

    “What measures are in place to improve employee retention after recent layoffs?”

  • 3

    “Given the high valuation, what is the path to a liquidity event and what is your confidence in that timeline?”

Community

Valuation Sentiment

Our model estimates -74% 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.