Epic Games vs Patreon: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Epic Games and Patreon.
Epic Games
Creator of Fortnite (350M+ registered players) and Unreal Engine (the dominant real-time 3D platform used in films, architecture, and automotive visualisation).
IPO possible 2026–2028 as scale builds. No confirmed timeline; tender offers may provide interim liquidity.
Consumer brand with network effects; ISO/NSO options; IPO when unit economics proven
Patreon
Membership platform enabling 250,000+ creators to earn recurring revenue from 8M+ paying patrons through subscriptions, exclusive content, and community access.
No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Consumer brand with network effects; ISO/NSO options; IPO when unit economics proven
Key differences for employees
Equity structure
Epic Games grants ISO/NSO with strike prices ranging from $60–$85 depending on your grant year. Patreon grants ISO/NSO with strike prices from $14–$22.
Secondary market premium
The secondary market is pricing Epic Games at a +3% premium over its last primary round ($31.5B → $32.4B). Patreon trades at +2% over its last round ($4B → $4.1B). A higher secondary premium signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.
Revenue and growth
Epic Games runs at $5.5B ARR, growing +8% YoY. Patreon runs at $0.2B ARR, growing +15% YoY. Revenue growth rate matters for equity because it drives the peer-multiple valuation — the method most correlated with exit multiples.
Liquidity timeline
Epic Games: IPO possible 2026–2028 as scale builds. No confirmed timeline; tender offers may provide interim liquidity.
Patreon: No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Calculate your specific grant
Enter your actual shares, equity type, and strike price. PrivatePulse calculates your personal equity value at both companies using 4 independent methods.