Notion is a private U.S. company with no parent firm, and co-founder and CEO Ivan Zhao is its largest known shareholder. A January 2026 employee tender offer valued Notion at $11 billion. Sequoia Capital, Index Ventures, Coatue and Singapore’s GIC are its main outside investors, though none of their stakes are public.
Notion ownership at a glance
Notion Labs, Inc. is the legal company behind the Notion app. Here are the core ownership facts as of October 2026.
| Item | Detail |
|---|---|
| Ownership type | Private, venture-backed |
| Parent company | None (independent) |
| Largest shareholders | Ivan Zhao (30%+ per a 2024 Forbes estimate), Sequoia Capital, Index Ventures, Coatue, GIC |
| Latest valuation | $11 billion (January 2026 tender offer) |
| Last funding round | $270 million secondary tender, January 2026 |
| Founded | 2013 |
| Headquarters | San Francisco, California |
| CEO | Ivan Zhao |
Who owns Notion today?
Notion has never published its cap table. That means most stake sizes are not public, and any exact percentage you see online is an estimate.
The one figure from a major outlet comes from Forbes. In April 2024, Forbes estimated that Ivan Zhao still owned at least 30% of the company. At the $11 billion tender price, a 30% stake would be worth about $3.3 billion on paper.
Zhao co-founded Notion with Simon Last. Last’s stake has not been reported.
The rest sits with venture investors and staff. Sequoia and Index added to their holdings in January 2026, and GIC bought in for the first time. Current and former employees hold shares and options, and many sold part of them in the same tender.
Each new round and option grant shrinks the founders’ share, a process covered in this guide to startup equity and cap tables.
Who controls Notion?
Ivan Zhao runs Notion as CEO. Notion has not disclosed whether it uses dual-class shares, so the split between his voting power and economic stake is unknown.
For most of its history, Notion operated without an outside board. On June 8, 2026, Zhao announced Notion’s first board of directors. He wrote that because Notion turned profitable early, it never had to give investors board seats.
The five new directors are:
- Jonathan Chadwick, former CFO and COO of VMware
- Pat Grady, co-head of Sequoia Capital
- Gretchen Howard, former COO of Robinhood
- Christopher Payne, a former DoorDash executive
- Patrick Hsu, co-founder of Arc Institute
Grady is the only director who represents a Notion investor. Zhao described the other four as independent picks.
Notion’s funding and ownership history
Notion raised only three large priced rounds. Since 2021, ownership has changed hands through employee share sales rather than new capital.
Priced funding rounds, 2019 to 2021
Zhao and Last started Notion in 2013, with First Round Capital among its early backers. In July 2019, Notion raised $10 million at an $800 million valuation.
In April 2020, Index Ventures led a $50 million round at a $2 billion valuation. In October 2021, Coatue and Sequoia led a $275 million round that valued Notion at $10 billion, with Base10 Partners joining.
Employee tender offers, 2022 to 2026
A 2022 employee share sale kept the valuation at $10 billion. Revenue kept growing while the price stayed flat, a pattern this breakdown of Notion’s valuation and growth tracks in detail.
In December 2025, Forbes reported a new tender at $11 billion, with annual recurring revenue above $600 million. On January 26, 2026, Notion confirmed that investors bought about $270 million in shares from staff at that price.
Who are the biggest investors in Notion?
Sequoia Capital and Index Ventures have the deepest ties. Both led earlier rounds and both bought more shares in 2026.
GIC is the newest large holder. Notion’s CFO, Rama Katkar, wrote that the company picked GIC in part for its experience in Asia-Pacific markets. None of these firms has disclosed its percentage.
Known institutional investors in Notion include:
- Sequoia Capital, co-lead of the 2021 round
- Index Ventures, lead of the 2020 round
- Coatue, co-lead of the 2021 round
- GIC, which joined in the 2026 tender
- Base10 Partners and First Round Capital, earlier participants
Is Notion publicly traded?
No. Notion has no stock ticker, and its shares trade only in private deals.
In December 2025, Bloomberg reported that Notion could consider an IPO as early as the end of 2026, citing people familiar with the plans. Notion declined to comment. As of October 31, 2026, the company has not announced a listing date. This 2026 IPO pipeline tracker covers other private tech companies preparing to list.
FAQ
Who founded Notion?
Ivan Zhao and Simon Last founded Notion in San Francisco in 2013. Zhao is the company’s CEO and its largest known individual shareholder.
How much is Notion worth?
Notion was valued at $11 billion in a $270 million employee tender offer completed in January 2026. Its last priced funding round, in October 2021, valued it at $10 billion.
Does Microsoft or Google own Notion?
No. Notion Labs is an independent private company. Its known outside owners are investment firms such as Sequoia Capital, Index Ventures, Coatue and GIC, not tech companies.
Is Notion Capital related to Notion?
No. Notion Capital is a separate venture capital firm based in London. It shares the name but has no ownership link to Notion Labs, the company behind the Notion app.
Is Notion profitable?
Notion does not publish financial statements. In June 2026, CEO Ivan Zhao wrote that the company has been profitable from early in its history.
