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Notion

notion.com ↗added 2026-09-02
★ No traditional fundraise since the 2021 Series C — over four years running on a ~$270M employee tender for liquidity, which signals healthy cash flow but also a lack of fresh-money price discovery● Hiring↗ Employee liquidity on record

Worth-Joining Index · Scorecard

v2.1 ALPHA · 2026-08

Career Score

—/100

Coverage

65%

Verified

13%

Stage cohort

Late

Vibe Check

🎪 community voting coming soon

Momentum
4/4
Efficiency
4.8/6
Backing
5/5
Market
6.6/11
Product
8.8/11
Upside
8.7/16
See all rankings →Methodology →Company or employee? Correct the data →

Latest valuation

$11B (employee tender offer, 2026-01)

Employee tender offer · 2026-01

ARR

~$600M ARR

~ 3rd-party estimate ↗as of 2025-12
生产力工具协作办公AI笔记Founded · 2013Stage · Late StageHQ · San Francisco

Traction · Key numbers

ARR~$600M ARR (2025-12)Third-party estimate; Notion's own blog confirms >50% of ARR from AI-enabled customers but does not state absolute ARR figure.~ 3rd-party estimate ↗as of 2025-12
ARR growth~$300M in 2024 → ~$600M by end of 2025, doubling in a year~ 3rd-party estimate ↗as of 2025-12
Valuation path2021 Series C at $10B → Jan 2026 employee tender at $11B, valuation nearly flat over 4+ years while ARR doubled◆ Company-claimed ↗as of 2026-01

Funding

Rounds

2

Valuation pace

$10B

•

Employee tender offer · 2026-01 · led by GIC, Sequoia Capital, Index Ventures

Not a new primary raise; secondary tender priced the company up from $10B to $11B

C

$275M

Series C · 2021-10 · valuation $10B post · led by Coatue Management, Sequoia Capital

With: Base10 Partners · Most recent traditional VC round to date

▸No traditional fundraise since the 2021 Series C — over four years running on a ~$270M employee tender for liquidity, which signals healthy cash flow but also a lack of fresh-money price discovery

▸Valuation basically flat from $10B (2021) to $11B (2026) while ARR doubled from ~$300M to ~$600M — peers with that growth would re-rate sharply, suggesting the market is applying a conservative multiple to an 'incumbent productivity' story

Founders

Ivan Zhao CEO

Background in cognitive science and fine arts, previously worked at software company Inkling, founded Notion in 2013

Simon Last 联合创始人

Engineer/designer, CS degree from University of Maryland, previously worked at Space Telescope Science Institute and Nebula Inc.

Reality · Working here

H1B / PERMUnknown
Remote policyUnknown
Comp modelUnknown
GlassdoorUnknown — work here? Help us fill this in →
Equity liquidity~$270M employee tender offer at $11B valuation, led by GIC with Sequoia Capital and Index Ventures (2026-01)Company's own announcement of the tender offer.✓ Publicly verifiable ↗as of 2026-01
Hiring statusCareers page lists roughly 180+ open roles, with heavy focus on AI engineering positions and global sales expansion across 8 office locations (San Francisco, New York, Dublin, Seoul, Hyderabad, Tokyo, Sydney, etc.)◆ Company-claimed ↗as of 2026-09

Signals & Risks

CompetitorsMicrosoft LoopGoogle WorkspaceCodaAirtable
Funding cadenceNo traditional funding round since the 2021 Series C; valuation has mostly been set via employee tender offers, giving limited market validation of true pricing
CompetitionCrowded productivity/collaboration space with competition from Microsoft Loop, Google, Coda, Airtable, and emerging AI-native note tools
AI transitionHeavy engineering hiring is aimed at AI features; successfully turning that into product differentiation and revenue growth remains an execution risk

Editorial ✎

Good fit for

· Design-driven PMs and frontend engineers — Notion's block-based editor and API are the category benchmark for consumer-grade craft

· People who want to build for both prosumer and enterprise at once — Notion serves solo note-takers and enterprise knowledge bases simultaneously

· Those who value stability over fundraise-driven growth theater — four years without needing a new round is a real signal of cash-flow health

Not for

· Anyone chasing a 'disruptive AI-native' story built from scratch — this is AI bolted onto a mature product, not category reinvention

· Anyone expecting fast equity mark-ups — the valuation has been essentially flat for four years, and even the tender pricing is conservative

Ask in the interview

1. What share of ARR and retention lift currently comes from Notion AI specifically — is it real paid adoption, or mostly renewal of core collaboration seats?

2. Against Microsoft Loop, Google Workspace, Coda, and a wave of AI-native note-taking challengers, what's the trend in net new customer acquisition cost and churn over the last 12 months?

3. Why no new-investor priced round in over four years — genuinely no need, or was a raise attempted and the valuation didn't clear?

Data changelog

Community corrections → editorial review → applied, fully on the record

2026-09-02
股权流动性 / tender 记录 filled in as ~$270M employee tender offer at $11B valuation, led by GIC with Sequoia Capital and Index Ventures (2026-01)

data as of 2026-01 · Source: Notion company blog ↗

✓ Publicly verifiable ↗
2026-09-02
最近一轮领投机构 filled in as GIC、Sequoia Capital、Index Ventures

data as of 2026-01 · Source: Notion company blog ↗

✓ Publicly verifiable ↗
2026-09-02
最近一轮估值 filled in as $11B (employee tender offer, 2026-01)

data as of 2026-01 · Source: Notion company blog ↗

✓ Publicly verifiable ↗
2026-09-02
ARR / 年化收入 filled in as ~$600M ARR (2025-12)

data as of 2025-12 · Source: ARR.club estimate ↗

~ 3rd-party estimate ↗
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