IronSource
$1.75Bpaper valuation
// OVERVIEW
IronSource built a $1.75 billion business by solving a problem mobile game developers didn't know they had — how to monetize free-to-play games without destroying the gameplay — and then sold itself to Unity for $4.4 billion in 2022, which means this profile is describing a company that no longer exists as an independent entity.
// HQ
Tel Aviv, Israel
// STATUS
PRIVATE
// FOUNDED
2010
// TIER
The Unicorn Herd · $1B – $9.9B
// PRIMARY SECTOR
adtech
// FOUNDERS
// FUNDING ROUNDS
// SECTORS SERVED
// TECHNOLOGY
The core product was a mediation platform that let mobile developers auction off ad inventory to the highest bidder in real-time,plus analytics tools that told developers exactly which users to show ads to without triggering uninstalls. Unity acquired it specifically for the ironSource Ads network, which generated $1.4 billion in revenue in 2021 by taking a cut of every ad impression flowing through 200,000+ mobile apps.
// WOWLS ASSESSMENT
IronSource reached $500 million in annual revenue by 2020 and doubled it to $1 billion by 2021, which made it one of the rare adtech companies that actually achieved profitable scale before getting acquired. The SPAC merger with Thoma Bravo-backed Aura fell apart in 2021, then Unity stepped in with a $4.4 billion all-stock offer that closed in November 2022. The company operated profitably for years, which is why it got acquired rather than going bankrupt like most adtech startups. Unity's CEO called it the missing piece of the create-operate-grow loop for game developers, which was accurate until Unity's runtime fee disaster in 2023 triggered a developer revolt that torpedoed the entire strategy.
// WHY WOWLS HUNTS THIS
The acquisition logic was perfect — Unity makes the engine, ironSource monetizes the games, developers get an end-to-end platform. Then Unity tried to charge per-install and the entire thesis collapsed within 72 hours.
// VALUATION NOTE
Company acquired by Unity Software for $4.4B in November 2022. The $1.75B figure appears to be a pre-acquisition private valuation, likely from an earlier funding round. As of 2024, ironSource exists only as a business unit within Unity, which itself has lost approximately 70% of its market cap from its 2021 peak of $50B.
VERDICT: ZOMBIECORN — IRONSOURCE BUILT THE MOST PROFITABLE ADTECH BUSINESS IN MOBILE GAMING, SOLD ITSELF TO UNITY AT A $4.4B VALUATION, AND THEN WATCHED ITS ACQUIRER DESTROY $20 BILLION IN MARKET CAP WITH A PRICING CHANGE SO UNPOPULAR IT TRIGGERED A DEVELOPER BOYCOTT
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// LOADING INTEL…
// BROADCAST INTEL
// SIMILAR TARGETS
// INTEL UPDATED: MAY 2026
// INTELLIGENCE DISCLAIMER: Assessments represent editorial opinion based on publicly available data including filings, press reports, and market data as of the date shown. Valuations are approximate. Not financial or investment advice.
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