Sharing Linear’s growth with the people building it
We completed a $99 million tender offer, giving current and former teammates the opportunity to sell a portion of their vested equity at a $2.5 billion valuation. Existing investors Accel and 01A participated alongside new investors Salesforce Ventures and S32. Our previous tender offer took place last year alongside our Series C at a $1.25 billion valuation.
Fundraising can become a habit. A company raises a round, then starts preparing for the next. Sometimes that is exactly what the business needs. This time, it wasn’t what Linear needed. We are cashflow positive, and have more cash in the bank than everything we have raised to date. Raising more primary capital would have meant diluting the team and our shareholders without a clear reason; so we chose a different path.
The practical benefit of the tender is liquidity. People who have spent years building Linear could benefit from what they helped create while keeping most of their ownership for the future. The tender also gave us a current valuation that reflects where the company is now. Linear has entered a new stage, and it felt right to recognize that without raising capital we do not need.
Linear is the tool of choice for AI-native teams, enterprises, and startups
Earlier this year, we passed $100 million in annual recurring revenue. More than 40,000 companies now pay for Linear, while existing customers continue to expand their use of the product, driving net revenue retention to 177%.
Part of this growth has come from large enterprises adopting Linear at an accelerated rate, including Salesforce and Figma, which both became customers earlier this year. Salesforce had organically adopted Linear, which made the partnership with Salesforce Ventures feel like a natural fit. Many of today’s leading AI companies, including OpenAI, Cursor, Cognition, Harvey, Physical Intelligence, Legora, and Baseten, also run product development in Linear.
The platform for agent-driven product development
Around six months ago, we wrote that “issue tracking is dead” and outlined a direction for Linear, to turn context into execution with AI.
We launched our agent platform last year. Today, agents are now installed across 95% of paid Linear workspaces and the share of work they create has grown from 3% a year ago to 50% today. This has broadened the horizons of how much teams are able to ship. Since the start of 2026, the number of issues with a pull request attached by someone in an engineering, product, or design function has grown sevenfold.
This is moving faster than I expected. Teams are assigning work to agents, reviewing the output, attaching code, and coordinating the next step in the same system where people plan and build.
Linear holds the context that people and agents need to understand what happened, what matters, and what should happen next. With Coding Sessions, Linear Agent can write code against an issue. With Loops, teams can create autonomous product development workflows. Companies like Ramp and Coinbase have built deep integrations of their custom coding agents into Linear.
What comes next
Building for this next stage will require us to grow. We have resisted many of the usual company-building playbooks and still believe a small, focused team can do more than people expect. But the scope of Linear has expanded, as have the needs of the customers relying on it. Quality has always been central to how we operate, and maintaining that standard at scale means growing the team. We continue to carefully expand our team, with more than 30 open roles across engineering, product, design, sales, support, and the rest of the company.
This tender was one way to share the value created so far with our team. Through Linear Infinity, we also offer equity refreshers, a fully paid month off after four years, and another month every two years after that.
We built Linear to last, and the company is still young. To our team, customers, and investors: thank you for taking a bet on us. We hope you’ll keep taking that bet as we build what comes next.
If you’d like to join us, we’re hiring.