Paul Copplestone pitched the idea in 2014 and was turned down. He tried again in 2020, after hitting scaling limits with the databases at another startup, and built the tooling anyway. This week the bet paid off at a price that would have been hard to imagine a year ago.
Supabase, the open-source database company Copplestone co-founded with Ant Wilson, said Thursday it raised $500 million in a Series F round led by GIC, Singapore’s sovereign wealth fund, at a pre-money valuation of $10 billion. With the new capital, the company is worth about $10.5 billion, more than double the $5 billion valuation investors assigned eight months ago in a $100 million Series E. In early 2025 the company was valued at $2 billion. Total funding now exceeds $1 billion, a climb that has taken it from a $150,000 pre-seed check in late 2020 through seed, growth and late-stage rounds in six years.
All existing investors participated, including Accel, Y Combinator, Craft, Felicis, Peak XV and Coatue. Stripe made its second investment in the company, and Salesforce Ventures joined as a new backer. The round also allows employees to sell up to 25 percent of vested stock, a liquidity mechanism that has become standard in late-stage deals and a practical answer to a question employees of hot AI-adjacent startups ask constantly: when can I cash out?
The valuation story is a story about AI-assisted coding. Supabase builds backend infrastructure on top of the open-source PostgreSQL database, offering developers a way to add databases, authentication, storage, real-time feeds and vector search without running their own servers. It is, in effect, an open-source answer to Google’s Firebase. When AI tools make it easy to generate a front end, the backend becomes the bottleneck, and companies like Supabase sit directly on that constraint.
The numbers support the thesis. The company said the number of databases on its platform rose 600 percent year over year, and its user base has more than doubled since the Series E. Its Supabase for Platforms product, which powers the backend of many AI app builders, saw customer growth of 370 percent in six months. Popular tools including Bolt, Figma, Lovable and Replit rely on the platform, and Copplestone credits the coding agents directly: Claude Code, Anthropic’s terminal-based tool, has been the single largest source of new databases since the start of 2026, with OpenAI’s Codex not far behind. Agents now deploy the majority of databases on the platform, he said.
“AI expands the number of people who can build,” Copplestone said in an interview. The company has more than 250,000 customers and a staff of roughly 350, a lean headcount for a business valued at ten figures.
Alongside the round, Supabase released Multigres, an experimental open-source layer it describes as an operating system for PostgreSQL, designed to scale databases beyond a single instance under an Apache 2.0 license. The move targets enterprises whose workloads have outgrown the default setup, and it puts Supabase in more direct competition with database services from MongoDB and Amazon’s Aurora, which benefit from being bundled into larger cloud contracts.
The competitive field is tightening. Neon, the most prominent venture-backed rival in serverless Postgres, was acquired by Databricks for about $1 billion in May 2025, a deal that validated the category and removed a standalone competitor. The wider market is moving in the same direction: OpenRouter, which routes AI traffic between models, raised $113 million at a $1.3 billion valuation last week, another sign that investors are paying up for infrastructure that sits between developers and the AI stack.
What makes Supabase’s valuation notable is the speed, not just the size. Eight months to double implies investors believe the AI coding wave is durable rather than cyclical. Venture firms have been pouring money into every corner of the AI stack, from model makers to the infrastructure underneath them, and backend services are among the few categories where usage growth is visible in real time rather than promised in a pitch deck.
Supabase says its platform now reaches more than nine million developers, and its model of a generous free tier with paid upgrades for teams and enterprises has made it a default choice in modern application development. Copplestone has described the company’s job as making PostgreSQL feel modern, and the Multigres release is the latest step in that direction. The round also validates a bet the founders made in 2020: that developers would rather own their data layer than rent it from a giant cloud provider.
The risks are equally visible. A ten-billion-dollar valuation against a subscription business that is still young leaves little room for a slowdown in agentic coding. If the coding-agent boom matures, or if the hyperscalers bundle Postgres more aggressively into their cloud platforms, the growth that justified the round will be harder to sustain. For now, the company is betting that the scarce asset in the AI buildout is not the model but the plumbing, and investors are paying a decacorn price for that view.
