n8n Valuation 2026: $5.2B, $40M ARR, vs Zapier and Make

n8n is valued at $5.2 billion — a price SAP set on May 12, 2026 when it bought a stake just under 1.3% through a secondary share sale, more than double the $2.5 billion mark n8n carried after its $180 million Series C just seven months earlier, in October 2025. The Berlin-based workflow-automation platform's disclosed ARR was roughly $40 million when that Series C term sheet was signed in August 2025 — meaning SAP's price implies close to 130 times trailing revenue.

n8n started as a solo side project — Jan Oberhauser built the first version alone in Berlin in 2019, naming it "nodemation" shorthand — and it's now one of the fastest-repricing companies in enterprise software, doubling its valuation in under a year without a traditional priced round in between. That path, through a strategic corporate check rather than a venture-led Series D, is itself a data point about how growth-stage AI infrastructure companies are raising capital differently than the SaaS generation before them.

n8n Valuation: From $2.5B to $5.2B in Seven Months

n8n's $180 million Series C closed on October 9, 2025, led by Accel with participation from Meritech, Redpoint, Evantic, and Visionaries Club, plus corporate backers NVentures — NVIDIA's venture arm — and T.Capital, alongside follow-on capital from earlier investors Felicis, Sequoia, Highland Europe, and HV Capital. That round priced n8n at $2.5 billion.

Seven months later, on May 12, 2026, Bloomberg reported that SAP invested roughly $60 million in n8n through a secondary share purchase — buying existing shares rather than injecting new primary capital — at a price implying a $5.2 billion valuation, more than double the Series C mark. The deal was announced at SAP's Sapphire customer conference in Orlando, alongside a multiyear commercial agreement to embed n8n's automation engine inside SAP's own AI agent builder, Joule Studio, as part of the SAP Business AI Platform.

How Much Revenue Does n8n Actually Make?

n8n's disclosed ARR was roughly $40 million when its Series C term sheet was signed in August 2025, which the company described as roughly 10x growth over the prior twelve months. n8n has not published a 2026 full-year revenue figure, but as of the SAP deal it reported a revenue mix of approximately 55% cloud subscriptions, 30% enterprise licenses, and 15% embedded partnerships — a split that shows the business has already diversified past pure self-serve cloud revenue into the kind of enterprise-license and OEM-style deals (like the SAP partnership itself) that usually carry higher retention.

The usage numbers are the more concrete evidence of scale: n8n counts more than 1,400 enterprise customers and a community of 1.7 million monthly active builders, connecting more than 350 applications as of the company's most recent public figures. That builder base is n8n's actual moat — a self-hosted, open-source workflow tool with real developer mindshare is harder for a closed competitor to dislodge than a purely feature-based product would be.

n8n vs Zapier vs Make: Who's Actually Bigger?

By revenue, Zapier is still far bigger: its ARR hit roughly $420 million in Q1 2026, more than ten times n8n's last-disclosed $40 million. Zapier's own valuation, though, is stale by comparison — its ~$5 billion mark was set in a January 2021 secondary sale where Sequoia Capital and Steadfast Financial bought shares from employees and early backers, and it hasn't been repriced by a primary round since. That means n8n, on roughly one-thirteenth of Zapier's revenue, is now priced within a few hundred million dollars of Zapier's five-year-old mark — a bet on where AI-driven workflow automation is heading, not a measurement of where the two companies stand today.

Make.com is the outlier on the other end: its most recently disclosed valuation is just $157.7 million on roughly $52.6 million in annual revenue — a conservative, roughly 3x revenue multiple that reads almost like a profitable, mature software business next to n8n's growth-stage pricing. Workato, an enterprise-integration platform that competes more with Zapier and Make than with n8n's developer-first approach, peaked at a $5.7 billion valuation in 2021 and last reported around $150 million in 2024 revenue, with more recent third-party estimates putting its current valuation closer to $2.4 billion — a reminder that 2021-era workflow-automation valuations didn't all hold up equally well.

What the headline misses

The SAP deal was a secondary purchase, not new primary capital into n8n's balance sheet — SAP bought existing shares from the cap table, meaning the $5.2 billion figure tells you what one strategic buyer was willing to pay for a small stake, not that n8n itself raised $60 million in fresh cash. That distinction matters because secondary prices from a single strategic buyer with its own commercial motive — SAP gets n8n embedded inside Joule Studio as part of the deal — aren't the same signal as an independent lead investor pricing a full primary round after diligence. A 130x ARR multiple set partly by a strategic partner buying its way into a product-distribution relationship is a different kind of validation than a growth-equity fund underwriting the number on its own.

The Bottom Line

n8n's $5.2 billion price tag is real money changing hands, backed by a strategic partner with a clear commercial reason to want the deal — SAP's own Joule Studio embed. But it's a secondary transaction pricing a small stake, not a primary round underwriting the whole company, and the multiple it implies on last-disclosed ARR is dramatically richer than either of the two competitors, Zapier and Make.com, that actually generate more revenue today. Whether that gap closes depends on whether n8n's open-source developer base converts into enterprise contracts as fast as the SAP partnership implies.