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Temporal’s $2.5B Valuation Was a 2025 Milestone—Here’s What It Means Now

Temporal’s October 2025 $105 million secondary transaction valued the Seattle software company at $2.5 billion. The deal involved existing shares; later announced Series D and E valuations were higher.
From TheFinanceBase Team3 min to read
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On October 1, 2025, Seattle software company Temporal announced a $105 million secondary transaction at a $2.5 billion valuation. It was not a $105 million primary fundraising round for the company: existing shareholders sold shares to new or existing investors, with GIC leading and Tiger Global and Index Ventures participating. The figure is also no longer Temporal’s latest announced valuation: the company announced a $5 billion Series D in February 2026 and a $12.55 billion Series E in September 2026.

What happened in the October 2025 transaction?

Temporal’s October 1, 2025 announcement put the company’s valuation at $2.5 billion in connection with a $105 million secondary transaction. GIC led the transaction; Tiger Global and Index Ventures participated. Temporal described the deal as a tender that let long-tenured employees realize some value while existing investors signaled continued support. Temporal’s announcement does not disclose the per-share price, the number of shares sold, or a complete breakdown of buyers and sellers.

The announcement also referred to Temporal’s March 2025 Series C, which raised $146 million at a $1.72 billion valuation. That was a separate financing event, not part of the October secondary transaction.

What does a $105 million secondary round mean?

In a secondary transaction, shareholders sell existing shares to investors. The $105 million therefore describes the transaction involving those shares; it should not be read as $105 million in newly issued shares or as cash raised by Temporal for its balance sheet. GeekWire’s October 1, 2025 report likewise describes existing shares being sold to new or existing backers.

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A company’s announced valuation is a private-market financing reference associated with a particular transaction. It is not a public-market quote or a guarantee that every shareholder could sell at that value. The sources do not establish a current tradable share price or the detailed terms of the tender.

How does the $2.5 billion figure compare with later rounds?

Temporal subsequently announced two primary funding rounds at higher valuations. The milestones below are dated announcements, not interchangeable measures of a public stock price.

Date Event Amount announced Announced valuation Investor information
March 2025 Series C $146 million $1.72 billion Referenced in Temporal’s October 2025 announcement; lead and participants not stated there.
October 2025 Secondary transaction $105 million $2.5 billion GIC led; Tiger Global and Index Ventures participated.
February 2026 Series D $300 million $5 billion GeekWire reported the round was led by Andreessen Horowitz. GeekWire’s report.
September 2026 Series E $550 million $12.55 billion Temporal said Lightspeed led, with co-leads and other investors named in its announcement. Temporal’s announcement.

The series rounds are primary financings, while the October 2025 event was secondary. Because they are different transaction types at different dates, the announced valuations should be understood in context rather than as a direct measure of what the October sellers received per share.

What does Temporal do?

Temporal makes developer software for coordinating reliable workflow execution across services. Its open-source platform can be used by engineering teams building applications, while Temporal Cloud is the company’s managed service. It is a software business, not a consumer hardware company. GeekWire’s coverage of the 2025 transaction also reported that John Bonney became CFO and Jonathan Chadwick joined Temporal’s board.

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What operating figures did Temporal report in 2026?

In its September 14, 2026 Series E announcement, Temporal reported more than $250 million in annualized revenue run rate, growing more than 200% year over year, and net dollar retention above 200% since February 2026. The company also said Temporal Cloud processed more than 1.9 trillion actions in August 2026, up more than 350% year over year; open-source installs exceeded 43 million that month, up 134% since January 2026; and it had more than 4,300 paying customers. These are company-reported figures and periods, not independently audited metrics in the cited announcement. Temporal’s Series E announcement.

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