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Unternehmens-Analyse: Bubble

Stand 15.4.2026

HOLDSynthszr Vote

Given the absence of a transparent, current market price in SEK and limited hard financial disclosure, a balanced view is appropriate. Bubble is a scaled, well‑funded leader in a growing no‑code market with strong user advocacy and meaningful ARR, but it faces structural threats from AI‑native competitors, platform‑scalability concerns, and potential valuation risk if/when it seeks public liquidity. Google‑search‑based interest in no‑code and AI app builders remains on a rising, though plateauing, trajectory, which supports the long‑term demand thesis but does not, by itself, justify aggressive multiple expansion. For investors already exposed, maintaining a position while monitoring competitive dynamics, AI product execution, and any concrete revenue/profitability disclosures is prudent. New capital should be deployed only if entry valuations are clearly reasonable versus SaaS peers and reflect the execution and disruption risks outlined above.

Key Takeaways

Bubble is a leading full‑stack no‑code web app platform (founded 2012, HQ New York) with an estimated 2.3M active users, ~180k paying subscribers and a valuation around $1.7–2.0B based on recent competitive landscape and funding analyses.(ayrshare.com)
The company raised $6.25M seed (2019) and a $100M Series A in 2021 led by Insight Partners, giving it a strong balance sheet and runway; it was profitable for years before raising capital, suggesting relatively disciplined operations versus many VC‑backed SaaS peers.(ayrshare.com)
Bubble is growing quickly but faces intensifying competition from AI‑native app builders and other no/low‑code platforms; recent competitive research pegs Bubble at roughly $50–100M ARR versus newer AI‑first rivals at similar or higher run‑rates, implying the market is large but increasingly crowded.(assets.nextleap.app)
User sentiment and third‑party reviews show Bubble retains a strong market presence and high recommendation intent (≈4.4/5 G2 rating; ~89% would recommend; 81% say it’s headed in the right direction), but there are recurring concerns about scalability, pricing (workload units), and technical debt for apps that outgrow the platform.(salesforce.com)
Macro tailwinds for no‑code remain positive (Google search interest in “no‑code/low‑code” and “AI app builder” has risen materially since 2020), but AI‑generated code and agentic systems are emerging as structural threats; even some Bubble‑aligned analyses warn the company must adapt its value proposition over the next 3–5 years to avoid obsolescence.(bubble.io)

Action-Ideen

HOLD

Treat Bubble as a solid but competitively exposed play on the secular rise of no‑code/low‑code and AI‑assisted app creation. The company combines a large, engaged user base and strong brand with meaningful execution and disruption risks. Without a transparent public valuation in SEK or clear profitability metrics post‑Series A, risk/reward is hard to calibrate precisely, so a neutral stance is warranted until there is better visibility on growth, monetization of AI features, and competitive response.

Horizont: 24 Mon.

SELL

For investors with indirect or secondary exposure (e.g., via late‑stage private funds or structured products referencing Bubble at high implied multiples), consider trimming or exiting. The competitive landscape suggests Bubble may be valued more like a mature no‑code incumbent while facing disruptive AI entrants with faster growth and stronger AI narratives, which public markets currently reward with premium multiples. In a scenario where AI‑first platforms capture the next leg of growth, Bubble’s multiple could compress even if revenue grows.

Horizont: 18 Mon.

BUY

For high‑risk, long‑term investors able to access primary or secondary private shares at reasonable SaaS multiples (e.g., low‑to‑mid‑teens EV/ARR on ~$50–100M ARR), Bubble offers leveraged exposure to a structurally growing no‑code market with strong brand equity and a large installed base. If management successfully integrates AI into the core product, improves scalability, and deepens enterprise penetration, Bubble could compound revenue at a healthy clip and grow into a multi‑billion‑dollar outcome from its current estimated valuation range.

Horizont: 48 Mon.

Google Trends · ↗ steigend

Direct, company‑specific Google Trends data for the exact term “Bubble” is noisy because the word is generic, but triangulation from Bubble’s own State of No‑Code report and third‑party analyses indicates that search interest in no‑code platforms, including Bubble, has risen steadily since 2020 and remained elevated through 2024–2025. Searches for related terms like “no code platform” and “AI app builder” increased sharply during the pandemic and peaked around mid‑2023, then normalized at a higher base, suggesting sustained, though less explosive, interest. Within this context, Bubble’s brand appears to benefit from the broader upward trend in no‑code/AI‑assisted development rather than suffering from declining attention.

Contrarian Insights

• : While many commentators argue that AI‑generated code will make no‑code platforms obsolete, it is equally plausible that AI actually increases Bubble’s addressable market by lowering the skill barrier further and turning Bubble into an orchestration layer for AI‑built components. In this view, Bubble’s visual environment could become more valuable as complexity rises, not less.(bubble.io)
• : Concerns about Bubble’s scalability and pricing may be overstated for its core economic engine: small teams and early‑stage startups. Even if a portion of successful apps eventually migrate off Bubble, the platform can still capture substantial value by being the default MVP and early‑scale environment, similar to how cloud PaaS providers benefit even when some customers later re‑architect on lower‑level infrastructure.(reddit.com)