A subscription network for independent writers and creators.
Substack is a digital publishing platform that enables independent writers and creators to launch, distribute, and monetize subscription newsletters. It provides integrated tools for payments, analytics, and social discovery to help creators build sustainable media businesses.
Media📍 San Francisco, CAFounded 2017
Current Valuation
$1.1B
as of 2025-Q3
UNICORN
QL Price
$1.0B
-8% vs last round
QuantLogix's current estimate for Substack, published 2026-10-07 — below the last disclosed round of $1.1B (2025-Q3).
Confidence
medium
Basis
secondary led
What backs this price
Last disclosed round
$1.1B
2025-Q3
weight 0.49
Secondary market print
$935M
2026-06-27
weight 0.54
How this price has held up
No round has priced for Substack 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, Substack, 2026-10-07 (3f9f33c1229cc2e2).
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 Outlookprivate
Is Substack going public?
No. Substack is private and has not filed to go public. There is no S-1 on file.
What is Substack's valuation in 2026?
Substack is valued at $1.1B as of 2025-Q3, set by its Series C ($100M, Jul 2025). That is the last confirmed mark, not a live price — private shares do not trade continuously.
Has Substack filed an S-1?
No public S-1 is on file for Substack.
Who are Substack's investors?
Substack's investors include a16z, Y Combinator, Skip Capital, BOND, TCG Ventures, Index Ventures and 2 more.
How much has Substack raised?
Substack has raised $190M in total, most recently a Series C of $100M in Jul 2025.
Is Substack publicly traded — can you buy Substack stock?
No. Substack 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 Substack 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
Chris Best
Founded
2017
HQ
San Francisco, CA
Employees
~150
Total Raised
$190M
Est. Revenue
$45M (2025)
Growth
Up 23% in 2024; projected reaching $45M ARR in 2025.
Last Round
Series C — $100M (Jul 2025) · Lead: BOND
IPO Status
private
Fundraising Status
Series C · $100M · 1y 3mo ago
privateTotal raised $190M
Secondary Market
Implied price / share
$29.02
Last round price / share
$34.14
vs last round
-15.0%
Open interest
4
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
Series C
$100M
Jul 2025
BOND
—
Talent Signal
Hiring trend
▲ Hiring uptrend
+31% vs 2026-08
Open roles
17
via ashby
Product-build share
29%
engineering, research, product, design
Trajectory
expanding
balanced build + GTM — 29% builders vs 71% go-to-market/G&A — scaling both sides.
No tracked executive churn; open roles trending up.
Counted from Substack's live job board as of 2026-09-16; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Chris BestHamish McKenzieJairaj Sethi
Investors
a16z · Y Combinator · Skip Capital · BOND · TCG Ventures · Index Ventures · Fifty Years · NewView Capital
Products
Substack Newsletters
Substack Notes
Substack Chat
Substack Video
Podcasts
Substack App
Competitors
Beehiiv · Ghost · Patreon · Medium · Kit
Creator EconomyPublishingNewslettersSubscriptionsSocial Media
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2025-Q3. Refreshed quarterly.