Notion
ConvictionContext
Freemium bottom-up SaaS: free personal tier converts to per-seat Plus/Business/Enterprise subscriptions; AI (agents, search, meeting notes) bundled into Business/Enterprise tiers as the primary upsell; 4M+ paying customers on a 100M+ user base
Revenue
>$600M ARRcompany-disclosed, late 2025; crossed $500M Sep 2025Rev growth
~50% YoYvs ~$400M 2024 per third-party estimates; company-stated acceleration on AI adoption; not auditedGross margin
not disclosedOp margin
not disclosedcompany reported cash flow positive per Forbes, Dec 2025Capex intensity
not disclosedasset-light SaaS renting cloud + LLM inferenceValuation
~$11Bapprox. $270M employee tender offer completed Q4 2025, announced Jan 2026; prior marks: $10B 2022 secondary tender per Bloomberg, $10B Oct 2021 primary roundValuation trail
$11B13.8× since Jul 2019
5 marks · Jul 2019–Dec 2025
private — no public price
Priced round Secondary / SPAC mark
Primary capital raised lifetime is ~$350M; the 2022 and 2025 tenders were secondary (employee liquidity), not new capital. Bloomberg reported the 2025 tender was initially weighed at ~$12B before pricing at $11B. No primary round since Oct 2021.
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Full financial intelligence for Notion
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