Alchemy

Founded by Nikil Viswanathan and Joe Lau, Alchemy is a leading web3 developer platform that gives builders reliable node infrastructure, enhanced data APIs, and tooling to scale blockchain applications. Its products span RPC and indexing APIs, a rollup framework for launching app-specific chains, and Account Kit for embedded smart-contract wallets and account abstraction. Alchemy raised $200M in 2022 at a $10.2B valuation and has expanded through acquisitions including Solana developer DexterLab in 2025.

Alchemy is one of the core RPC and developer-infrastructure layers web3 builds on, powering node access and account-abstraction wallets for a large share of active dApps.

alchemy.com Wallets & Dev Infrastructure

United Statesprivate

At a glance

Total raised

$565M

last round growth equity

Headcount

201-500

approximate · public range

Headquarters

San Francisco

United States

Founded

2017

9 years active

Status

Private

Wallets & Dev Infrastructure

Latest valuation

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AI bull / bear

Bull case

Alchemy sits underneath the applications rather than beside them: its RPC and data APIs are the managed read/write layer for a large share of active dApps, and the company claims its infrastructure powers roughly 70% of crypto applications and over $4 trillion in annual on-chain transactions. That position compounds in three directions at once. Node infrastructure is sticky, painful to migrate, and billed on usage that grows with the ecosystem regardless of which chain or narrative wins — Alchemy is chain-agnostic by construction, extended to Solana via the 2025 DexterLab acquisition and to Europe through 2024's Bware Labs deal. Rollups-as-a-service and Account Kit push it up the stack into two structural trends — app-specific chains and account abstraction — where whoever owns the developer relationship wins the deployment. The customer list (JPMorgan, Stripe, Visa, Franklin Templeton) shows the buyer base broadening from crypto-native startups to regulated enterprises just as tokenization and stablecoin rails go mainstream, a shift the April 2026 OVHcloud partnership extends into European enterprise cloud. With $565M raised against a lean 201–500 headcount, Alchemy has the balance sheet to outlast this downturn and consolidate share while thinner-capitalized RPC rivals retrench. If web3 usage keeps compounding, Alchemy is the toll road.

Bear case

Alchemy's $10.2B valuation was set in February 2022, the exact top of the last cycle, and nothing public since suggests the mark has been defended — a four-year-old ZIRP-era price is the anchor investors are asked to underwrite against. The core product is structurally commoditizing: RPC access is a spec, not a moat, and QuickNode, Infura, self-hosted nodes, and increasingly decentralized RPC networks compete the price of a managed endpoint toward zero. Alchemy's enhanced APIs differentiate, but the largest customers — exactly the ones that drive usage-based revenue — are the most capable of running their own infrastructure once bills get large, the classic graduation problem of developer platforms. The growth bets are crowded: rollups-as-a-service is contested by Conduit, Caldera, and the OP Stack ecosystem itself, while account abstraction tooling is a feature every wallet vendor ships. And the demand environment just turned hostile — with bitcoin below $60,000 in June 2026 and total crypto market capitalization down roughly 48% from its peak, on-chain activity and the API calls it generates fall with it. A usage-billed infrastructure company priced at 2021 multiples, selling a commoditizing product into a shrinking activity base, has a long way to grow before the last round clears.

Generated by editorial-sourced · July 1, 2026Refreshes quarterly · see disclosures