What is Gong Worth at $300M in ARR

Gong just surpassed $300M in ARR. So what does that make them worth in 2025?

Gong has found a way to surpass $300m in ARR in about 9 years from first customer to their most recent milestone. 

So how fast are they growing compared to other companies?

Zoominfo took 12 years to get to there

It took Hubspot 10 years

For GTM companies only the 800 pound gorilla Salesforce did it faster.

 It took them 7 years, 

So pretty good company for Gong. 

According to Sacra - which is a company that provides research analysis and data on pre-ipo companies, Gong’s revenue skyrocketed during lockdown as almost all selling activity moved online.  

We’ve seen this with a few SaaS companies - Zoom is the case study here - you had all of this demand kind of artificially brought forward which made it hard to find customers in subsequent quarters. 

Same happened with Gong ARR growth hit a bottom in 2023 at 16% year-over-year (YoY), before reaccelerating to 28% YoY growth in 2024—with Sacra estimating that Gong crossed $300M in ARR in January 2025.

So what does that make them worth?

Their last fund raise was a series E at a valuation of $7.25 billion at their 2021 Series E yielding a 24x multiple on today’s ARR (down from the ~54x revenue multiple at the time of the raise).

So is a 24X multiple justified for a company doing $300m in revenue and growing at 28%?

Let’s have a look at some public comps.

Crowdstrike, Snowflake, Cloudflare, Gitlab, Confluent, SentinelOne and Datadog are all growing revenue in the 25-29% range.

Lets look at the revenue multiples that these companies achieve.

Average Multiple for this group is 13.6X

If we take that multiple for Gong we’re looking at a $4B valuation. 

Lets say they get a 15% premium for this because they’re earlier - they’re private and the growth trend is accelerating.

That puts them about $4.7B

This is a 35% reduction on their Series E. 

If we were super generous and gave them the same multiple as Crowdstrike, the most richly valued stock in this group - they’d be at $6.72B or about 7.5% below their Series E mark. 

So my guess is that Gong is still probably underwater. 

If they had to raise again today it would be a down round, but if they can maintain this growth trajectory for the next 12 months, they’re probably in position to raise more money is a way that’s far less dilutive to the existing shareholder base. 

So I’m gonna say Fair value for Gong today is about $4.7B

What do you think? 

Am I on the money?

Way off the mark?

Let me know.