Notion Stock: Will the Company IPO Next Year?

Explore opportunities to own Notion stock before and during the IPO. Get access to private startups like OpenAI, Databricks, and Anduril via the Fundrise Innovation Fund*. The minimum investment is $10. 

---

Notable Notion News

09/17/2024: 20VC Podcast: Akshay Kothari, Co-Founder Notion
04/11/2024: Notion Wants To Build Your AI Everything App
10/08/2021: Notion Reaches $10 Billion Valuation
04/01/2020: Notion hits $2 billion Valuation in new raise
Older news…

About Notion

Notion is a workplace productivity and collaboration software platform for individuals, teams, and businesses. It is a cloud-native software-as-a-service (SaaS) business.

The platform provides an all-in-one tool for project management, wikis, note-taking, task lists, document storage and organization, and team collaboration. Notion has also added an AI component to help automate tasks and suggest operational improvements.

It has a limited-capability free version to attract new customers and tiered paid versions that offer full access. 

The company was founded in 2013 in San Francisco.

Here’s a brief video overview of the product.

Ownership

Notion is a venture-backed late-stage startup. Equity owners include the founders, employees, and venture capital firms. 

The company has conducted multiple venture capital funding rounds. The most recent round was a Series C (also referred to as “Seed 6”) that raised $275 million. That round was completed in October 2021 at the height of the 2021 IPO euphoria, leading to a lofty post-money valuation. 

Notion has raised $343 million to date. 

Prominent venture capital investors include Coatue, Sequoia Capital, Bossanova Investimentos, CSC UpShot Ventures, Chasella, Draft Ventures, Felicis Ventures, First Round Capital, Index Ventures, Permian Bank Capital, SVA, Shine Capital, and Base10 Partners. 

Valuation

The October 2021 Series C funding round confirms the Notion valuation at about $10 billion. This number is misleading after many growth stocks and startups lost tremendous value in 2022 and 2023.

Pre-IPO data from marketplaces like Hiive and Caplight suggest the Notion valuation is closer to $5-$6 billion as of October 2024. 

IPO Potential

The Notion IPO date is currently unknown. 

IPO volume slowed in 2022, further exacerbated by the failure of the Silicon Valley bank in 2023.  

However, IPO volume has started picking up in 2023 and 2024.

Though Notion is profitable, I do not anticipate the company being near the front of the line for an early SaaS IPO in the latest IPO cycle. I expect the company will wait until other SaaS companies hold IPOs before proceeding.

Furthermore, CEO Ivan Zhao has not indicated his plans for the company’s future. 

Rippling, Airtable, Addepar, and human resources SaaS company Gusto are likelier to dip their toes first.  

Notion may also delay its IPO even further to grow its recurring revenue to support its previous private valuation. 

Bookmark this page to follow along as we approach the Notion IPO date. 

How to Buy Notion Stock

Notion stock is not publicly traded today. However, investors can explore pre-IPO opportunities to acquire shares and attempt to participate in the Notion IPO if the company decides to go public. 

Most investors will need to wait until the IPO is complete before investing. 

Here are four potential ways to invest in Notion stock before, during, and after the IPO. 

1. Access shares via pre-IPO investing platforms

Considering the number of private and venture capital investors (around 32) and employee owners, there may be an opportunity to buy Notion stock on pre-IPO investing platforms.

However, the most prominent platforms have yet to show much activity in 2024 compared to late 2023. The slowdown may be a hint that Notion is raising funds at a higher valuation or quietly pursuing a public offering. 

Shares may become available if early investors or employees want to cash out before the IPO. This can become more likely if the company raises another fresh round of private equity capital.

The SEC requires direct pre-IPO investors to be accredited, meaning a net worth above $1 million (not including their primary residence) or an income above $200,000 (or $300,000 with a spouse).

A few platforms have evolved to allow equity owners to fund stock options or liquidate holdings before the IPO. These include Hiive, EquityZen, Forge Global, Equitybee, and Linqto. 

Non-accredited investors can access pre-IPO companies via venture capital funds such as the Fundrise Innovation Fund ($10 minimum to invest. Here’s a review). However, Notion is not a holding in the fund. 

The fund holds companies such as ServiceTitan, Anthropic, and OpenAI. 

Check out our list of the best pre-IPO investing platforms for current platforms that may have shares available.

Please note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on AccessIPOs.com. All opinions are my own.

2. Buy the stock during the Notion IPO through a participating broker

Interested retail IPO investors can monitor online brokers offering free IPO investing to see if there are opportunities to invest in the Notion IPO when it arrives. 

Large brokers such as Fidelity and Charles Schwab sometimes offer IPO allocations to customers but distribute them to their wealthiest clients. That only helps some of us. 

However, multiple brokers now offer the chance to invest in IPOs. Here are the most prominent:

• TradeStation 
• Robinhood

Typically, only one of these will get exclusive IPO access to high-demand deals. Here’s a list of the top brokers for IPO investing. 

If your broker offers IPO access, join the email and text alerts for upcoming IPOs.

There are no guarantees you’ll receive shares, but shares may be worth pursuing some deals.

It is also helpful to open and fund your account ahead of time. Some brokers require “settled” cash to invest in IPOs. It takes a few days for cash to settle from bank transfers, and there may not be enough time if the IPO is imminent. 

3. Buy the stock after the Notion IPO

Most investors are not eligible for direct pre-IPO shares, and getting allocations in any IPO is challenging. 

The best chance of owning Notion stock is to wait for the IPO and buy it afterward. This is not the news most investors want to hear, but it’s the reality. 

Often, IPO prices jump on the first day of trading, so it may make sense to wait a few quarters before owning the stock to let the price volatility settle. 

You may find discounted opportunities to own Notion stock months after the IPO. 

4. Participate in the Directed Share Program (If Available)

Another possibility (far from a certainty) is a Notion directed share program.

When companies file their S-1 SEC filing, they sometimes include a directed share program for executives, affiliates, and others who helped it grow.

Notion can attribute success to its monthly paying customers. As such, the company may offer IPO shares to customers. 

This has happened before.

Uber offered shares to drivers who completed a certain number of trips.

GoPro offered shares to its email list. 

Airbnb offered IPO shares to hosts. 

Rivian offered IPO shares to truck buyers. 

Considering Notion’s recurring revenue model and engaged user base, offering its customers access to the IPO would be a reasonable perk.

However, Notion primarily sells to enterprise customers, so a directed share program may not be appropriate for the company. 

If you’re a paying customer, monitor your Notion emails as the Notion IPO approaches. May get a shot at IPO shares. 

Bookmark this page for more information as the IPO approaches. 

Frequently Asked Questions (FAQs)

What companies compete with Notion?

Notion competitors include Asana, Atlassian, Airtable, Basecamp, Miro, Trello, and Evernote. 

Is Notion publicly traded?

No. Notion is a private company.

What is the Notion stock price?

Notion is private. There will be no public stock price until the Notion IPO or a SPAC.

Data from pre-IPO marketplaces estimate the Notion stock price is in the high $20s as of October 2024, down from the October 2021 stock price of $56. 

What is the Notion stock symbol?

There is no Notion stock symbol yet because the company is private and has yet to file an S-1 with the SEC.

We can only speculate about the U.S. Notion ticker. Here are a few suggestions:

• NO
• NTN
• NOTN

Where can I find the Notion IPO S-1 Filing?

To our knowledge, Notion has not submitted an S-1 filing with the SEC. The company will likely submit a confidential S-1 a few months before the IPO, then release the filing once it is qualified by the SEC. 

We will embed a copy of the S-1 filing on this web page for reference.

Notion News Archive

07/18/2019: Notion Labs Hits $800 Million Valuation

Conclusion

Investors want to own companies that riding extraordinary trends (SaaS, productivity, online collaboration). But buying stock early on can often prove difficult for retail investors. 

Pre-IPO investing platforms have given us more opportunities to own startups. But private venture capital investing is still primarily reserved for the ultra-wealthy, requiring millions to invest in seed and early funding rounds for disruptive companies. 

So, if you decide to pursue IPO shares or early equity, maintain reasonable expectations. Acquiring Notion stock before or during the IPO will not be easy. 

Waiting until after the IPO is sometimes a way to buy discounted shares, as hefty post-IPO valuations can turn into retail investor losses. 

However, if you identify several favorite IPO companies, you may eventually be able to invest in some of your target companies and participate in IPO gains. 

If Notion stock is on your acquisition list, good luck. Invest in pre-IPO and IPO companies with caution.

Read more: Productivity SaaS Startups