Payroll, benefits, and HR software for small and mid-sized businesses
Gusto (originally ZenPayroll, founded 2011 in Y Combinator) is the full-stack payroll, benefits, and HR platform for US small and mid-sized businesses, serving roughly 400,000+ employers. The company hit a $9.5B private valuation in its August 2021 Series E led by T. Rowe Price and Generation IM and has grown into a roughly $975M-revenue business by 2025, up ~30% YoY. Gusto Embedded — its payroll-as-a-service API — extends the platform's reach into vertical SaaS partners. Widely viewed as one of the most-anticipated 2026 fintech IPO candidates as the SMB-software IPO window reopens.
Fintech📍 San Francisco, CAFounded 2011
Current Valuation
$9.3B
as of 2025-Q2
UNICORN
QL Price
$6.5B
-30% vs last round
QuantLogix's current estimate for Gusto, published 2026-10-07 — below the last disclosed round of $9.3B (2025-Q2).
Confidence
medium
Basis
blended
What backs this price
Last disclosed round
$9.3B
2025-Q2
weight 0.41
Secondary market print
$5.6B
2026-06-27
weight 0.54
Public-company comparables
$1.5B
2025
weight 0.13
How this price has held up
No round has priced for Gusto since QuantLogix began publishing a price for it, so there is nothing to grade yet. The claim above is on the record from 2026-10-07 and will be graded against the next priced round. See the full accuracy record →
Which publicly-traded funds already hold it, what $10,000 buys, and whether any route is open to you.
Cite this price as QuantLogix QL Price, Gusto, 2026-10-07 (854fba1774a85cab).
The id pins this exact claim, so a citation stays checkable after the price moves.
Model estimate for research — not a quote, target price, or investment advice.
IPO Outlookrumored
Is Gusto going public in 2026?
An IPO is rumored for 2026, with nothing filed. Gusto remains private and the date is not the company's.
What is Gusto's valuation in 2026?
Gusto is valued at $9.3B as of 2025-Q2, set by its Employee tender offer ($200M, Jun 2025). That is the last confirmed mark, not a live price — private shares do not trade continuously.
Has Gusto filed an S-1?
No public S-1 is on file for Gusto as of 10/07/2026; the IPO is rumored.
Who are Gusto's investors?
Gusto's investors include General Catalyst, Generation Investment Management, T. Rowe Price, Y Combinator, Kleiner Perkins, CapitalG and 4 more.
How much has Gusto raised?
Gusto has raised $716M in total, most recently a Employee tender offer of $200M in Jun 2025.
Is Gusto publicly traded — can you buy Gusto stock?
No. Gusto is a private company — its shares are not listed on any exchange and there is no ticker. The routes to exposure are pre-IPO secondary marketplaces and funds (accredited investors), employee tender offers when the company runs one, and public companies with read-through exposure. QuantLogix maps every route it can verify for Gusto on its Pre-IPO Access Desk.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Company Profile
CEO
Josh Reeves
Founded
2011
HQ
San Francisco, CA
Employees
~3000
Total Raised
$716M
Est. Revenue
$975M (2025)
Growth
Passed $1B in revenue in 2026, the threshold that usually precedes a listing; last marked at $9.3B in a $200M+ employee tender in June 2025, a slight step down from the $9.5B Series E of 2021
Last Round
Employee tender offer — $200M (Jun 2025)
IPO Status
rumored
Fundraising Status
Employee tender offer · $200M · 1y 4mo ago
rumoredTotal raised $716M
Secondary Market
Implied price / share
$18.4
Last round price / share
$30.4
vs last round
-39.5%
Open interest
5
Last round price vs secondary price
Secondary price return by period
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →
Latest Funding Round
Round
Amount
Date
Lead Investor
Post-Money
Employee tender offer
$200M
Jun 2025
—
$9.3B
Talent Signal
Hiring trend
▶ Hiring steady
+9% vs 2026-08
Open roles
96
via greenhouse
Product-build share
52%
engineering, research, product, design
Trajectory
steady
product-led hiring — 52% of open roles build product; the rest are go-to-market and G&A.
Actively hiring with no tracked executive churn.
Open roles by month
Open roles by function
■ product-building ■ go-to-market / G&A
Agentic Operations ArchitectAI Operations Program Manager, BenefitsData Scientist, Risk Design Systems, Staff Product DesignerEnterprise Application AI EngineerHead of AI and Machine Learning Engineering
Counted from Gusto's live job board as of 2026-09-15; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Josh ReevesEdward KimTomer London
Investors
General Catalyst · Generation Investment Management · T. Rowe Price · Y Combinator · Kleiner Perkins · CapitalG · Dragoneer · Fidelity · MSD Capital · Franklin Templeton
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2025-Q2. Refreshed quarterly.