-12%

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

#3768

Sector

Esports, Gaming, Lifestyle, Apparel, Entertainment

Est. Liquidity

~5Y

Data Quality

Data: Low

For a job candidate evaluating this offer in 2026, 100 Thieves equity carries significant downside risk and should not be the primary reason to accept.

Last updated: May 13, 2026

Bull (15%)+75%

100 Thieves scales its 23-sponsor partnership model alongside high-visibility competitive entries into Marvel Rivals and Rainbow Six Siege, growing revenue from the 2021 baseline of $38M toward $90M+ by 2028 and attracting a strategic acquisition or media-company investment at a ~$700-800M valuation. Delivering 75% upside from the $460M stated baseline would require a meaningful re-rating in a sector that has broadly de-rated since 2021 peak.

Base (40%)+5%

Revenue stabilizes post-layoff restructuring and grows modestly to ~$50-60M on renewed brand partnerships, but profitability remains elusive and no liquidity event materializes within 2 years, leaving valuation roughly flat near the $460M 2021 peg. Common equity holders see negligible appreciation with no near-term exit catalyst.

Bear (45%)-55%

The $460M December 2021 Series C valuation proves to be peak-bubble pricing; with no new funding round in over four years, two rounds of layoffs, and continued esports sector compression industry-wide, the company's actual fair market value likely sits at $200-250M today — implying equity granted at the $460M reference is already deeply impaired. Further sponsor attrition or inability to scale the lifestyle brand could push enterprise value below $150M, wiping most common equity value.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

26%

$120M in total preferred funding sits senior to common stock against a $460M stated valuation (26.1% preference overhang), meaning any exit at or below $120M returns zero to common equity holders, and exits near the current valuation return only fractional value.

Dilution Risk

moderate

No funding round since December 2021 limits near-term dilution, but if the company raises a new round — likely at a materially lower valuation given sector conditions — significant dilution and a down-round repricing of common equity is probable.

Secondary Liquidity

none

No secondary market or tender offer data is available and no IPO or acquisition signals are present, making this equity effectively illiquid for the full 2-year analysis horizon.

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 how has it trended since the $38M figure reported for 2021 — specifically, what drove the 2022 and 2023 layoffs and has revenue recovered?”

  • 2

    “With $60M raised in December 2021 and no publicly disclosed subsequent round, what is the current cash position and burn rate, and is the company actively seeking new financing?”

  • 3

    “How is new-hire equity structured — RSUs or options — and what is the current 409A fair market value per share relative to the $460M Series C post-money, given how much time has elapsed?”

Community

Valuation Sentiment

Our model estimates -12% 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.