Substack is a private company building in newsletter / subscription publishing platform, founded in 2017. Its most recent disclosed valuation is $1.1B. Its shares do not trade on a public exchange.
1 valuation. The latest, $1.1B post-money, was set by the Series (2025 round) in Jun 2025.
Andreessen HorowitzLEADBBONDTThe Chernin GroupSSkimsKKlutch Sports GroupSubstack gives writers, podcasters and video creators the publishing, payment, analytics and design tools to run paid subscription newsletters without needing technical skills. Writers keep 90% of subscription revenue after credit card fees, and the platform reports more than 5 million paid subscriptions across its network. Its customers span solo bloggers and journalists all the way up to full newsrooms running multiple writers and sections. Substack is based in San Francisco and was founded in 2017, going through Y Combinator's winter 2018 batch.
Its Substack Defender program has supported dozens of creators facing alleged defamation and copyright claims with free legal support since its 2020 launch.
Listed funds carry late-stage private names. A fund's latest schedule of investments shows whether it holds Substack.
Often trade at a premium or discount to NAV.
Platforms match existing holders with buyers. Substack availability at any moment is set by the holders.
High minimums, transfer approval, company right-of-first-refusal.
Valuations, rounds and IPO status for every company in the directory — Substack included.
Lead investors for each round are in the funding timeline.
The closest newsletter / subscription publishing platform peers are on the competitors page.
The routes section explains what is realistically available for a company at this stage.
No. Substack is a private company; its shares do not trade on a public exchange.
Perpetual markets for stocks, gold, indices and pre-IPO names — settled on-chain, no wallet-to-exchange transfers.
