Supabase, the open-source alternative to Firebase, is in advanced discussions to raise approximately $500 million at a staggering $10 billion valuation.
Singapore's sovereign wealth fund GIC is expected to lead the round, roughly doubling the company's valuation from its $5 billion mark set in October 2025.
Supabase's Explosive Growth Journey
Founded in 2020 by Paul Copplestone and Ant Wilson, Supabase emerged as a Postgres-based backend platform, quickly gaining traction among developers seeking scalable, open-source solutions.
The startup has raised over $500 million across multiple rounds since inception, with its latest Series E of $100 million in October 2025 propelling it to unicorn status and beyond.
Boasting $70 million in annual recurring revenue in 2025, Supabase demonstrates robust growth, up over 130% year-over-year, fueled by a 230-person team serving millions of users worldwide.
Challenging Giants in the Backend Space
As a direct competitor to Google's Firebase, Supabase offers superior SQL capabilities and self-hosting options, appealing to enterprises prioritizing data sovereignty and customization.
The funding talks highlight the surging demand for developer infrastructure amid the AI revolution, where efficient databases are critical for building intelligent applications at scale.
This potential deal underscores investor confidence in open-source models, positioning Supabase to capture more market share from proprietary platforms.
Proceeds could fund global expansion, enhanced AI integrations, and employee liquidity programs, similar to its previous secondary offerings.
Looking ahead, a $10 billion valuation cements Supabase's role as a leader in the backend-as-a-service market, potentially paving the way for an IPO.
The broader implications signal a maturing ecosystem where open-source innovators thrive, challenging Big Tech dominance in cloud services.
Andrew Lee
