Analytical performance models are very effective in ensuring the quality of service and cost of service deployment remain desirable under different conditions and workloads. While various analytical performance models have been proposed for previous paradigms in cloud computing, serverless computing lacks such models that can provide developers with performance guarantees. Besides, most serverless computing platforms still require developers’ input to specify the configuration for their deployment that could affect both the performance and cost of their deployment, without providing them with any direct and immediate feedback. In previous studies, we built such performance models for steady-state and transient analysis of scale-per-request serverless computing platforms (e.g., AWS Lambda, Azure Functions, Google Cloud Functions) that could give developers immediate feedback about the quality of service and cost of their deployments. In this work, we aim to develop analytical performance models for the latest trend in serverless computing platforms that use concurrency value and the rate of requests per second for autoscaling decisions. Examples of such serverless computing platforms are Knative and Google Cloud Run (a managed Knative service by Google). The proposed performance model can help developers and providers predict the performance and cost of deployments with different configurations which could help them tune the configuration toward the best outcome. We validate the applicability and accuracy of the proposed performance model by extensive real-world experimentation on Knative and show that our performance model is able to accurately predict the steady-state characteristics of a given workload with minimal amount of data collection.