-3%

est. 2Y upside i

Series C

100 Thieves is a lifestyle brand for gamers. It fields esports teams, hosts live events and produces themed apparel.

Rank

#2377

Sector

Esports / Gaming / Lifestyle

Est. Liquidity

~4Y

Data Quality

Data: Low

Equity downside likely outweighs upside over a 2-year horizon.

Last updated: July 3, 2026

Bull (20%)+70%

Brand leadership and potential IPO window drive multiple to 6x forward revenue on $146M revenue, yielding $876M exit. Strong creator audience and sponsor relationships support premium valuation.

Base (35%)+23%

Exit multiple converges to 4.5x on $146M revenue ($657M exit), reflecting industry comps but tempered by competitive pressure and need for additional funding.

Bear (45%)-57%

Multiple compresses to 2x due to high incumbent threat from Nike/Adidas and lack of profitability, exit value $292M. Preference overhang consumes 41% of exit, leaving modest common value but still above zero.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

26%

Total preferred stock of $120M represents 26% of entry valuation, creating a $120M overhang on common equity.

Dilution Risk

high

With no new funding since 2021 and negative cash flow, a dilutive raise of ~20% within 24 months is likely.

Secondary Liquidity

none

No secondary market activity detected; implied secondary valuation of $454M is outdated (same as primary).

Other — 2 roles

View all 2 open roles at 100 Thieves →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on 100 Thieves's data — designed to show you've done your homework.

  • 1

    “What is the company's current revenue run rate and growth trajectory given the layoffs?”

  • 2

    “How does the company plan to differentiate against Nike and Adidas entering esports directly?”

  • 3

    “What is the expected timeline to profitability or next funding round, and how does that affect equity dilution?”

Community

Valuation Sentiment

Our model estimates -3% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.