Vercel
ConvictionContext
Usage-based + per-seat B2B SaaS: reselling abstracted AWS compute/bandwidth/storage at a markup, plus Pro ($20/seat/mo) and Enterprise plans and v0 AI-builder subscriptions
Revenue
~$340M GAAP revenue run-rateMar 2026); $200M ARR (May 2025); ~$144M FY2024 revenueRev growth
ARR up ~240% from $100M at start of 2024 to a $340M run-rateearly 2026Gross margin
Not disclosedestimated ~70%+ per infra-reseller economics; v0 software margins run higher than the core reselling business per SacraOp margin
Not disclosedCapex intensity
Low/asset-light — runs on AWS rather than owning data centersinfra cost sits in COGS as usage fees, not capexValuation
~$9.3BSeries F post-money, Sep 30 2025Valuation trail
Series F secondary tender (~$300M)8.5× since Jun 2021
5 marks · Jun 2021–Sep 2025
private — no public price
Priced round Secondary / SPAC mark
Valuation stepped ~1.1B (2021) to 2.5B to 3.25B (2024) to 9.3B (2025); the ~2.9x jump from the 2024 Series E to the 2025 Series F tracks the AI-agent revenue surge. The Sep 2025 round paired ~$300M of primary capital with a ~$300M employee/early-investor secondary tender at the same $9.3B mark.
The read
Where our coverage leans
Coverage leans bullish
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Vercel
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence