Adaptive Security

adaptivesecurity.com →

-50%

est. 2Y upside i

CybersecuritySeries B

Adaptive is a next-generation cybersecurity platform. We're working with pioneering security teams to protect critical systems from AI-powered cyber attacks. Our customers today include one of the largest payment aggregators in the United States, hedge funds and private equity firms, regional and national banks, leading technology companies, and critical healthcare systems.

Rank

#3264

Sector

Cybersecurity

Est. Liquidity

~4Y

Data Quality

Data: Low

Equity appears high-risk given missing financial clarity, high preference overhang (146.5M vs 324M entry), and expected downside of ~50% over 2 years.

Last updated: July 19, 2026

Bull (20%)+56%

Achieves 80% growth decaying to 60%, reaching $28.5M revenue. Exit multiple expands to 20x due to IPO window and category leadership, yielding $570M exit. Net of 20% dilution, upside is 55.9%.

Base (40%)-53%

Grows 40% then 30%, hitting $18M revenue. Exit multiple converges to 12x (inline with comps), yielding $216M. After 20% dilution, downside of -53.3%.

Bear (40%)-100%

Slow growth (20% then 15%) leads to $13.7M revenue. Multiple compresses to 8x, exit value $109M below $146.5M preference, wiping out common stock.

Est. time to liquidity~3.5 years

Preference Stack Risk

severe

Funding Intensity

1480%

Total funding of $146.5M represents 45% of entry valuation, meaning preferred shareholders would claim a large portion of exit proceeds below $146.5M.

Dilution Risk

high

Likely needs another capital raise within 24 months given high burn rate, diluting common stock by an estimated 20%.

Secondary Liquidity

none

No secondary market activity reported; employee equity likely illiquid until a liquidity event.

Design — 1 role

Product Management — 1 role

Recruiting — 1 role

View all 23 open roles at Adaptive Security →

Last updated: March 9, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Adaptive Security differentiate from KnowBe4's existing security awareness training?”

  • 2

    “What is your customer acquisition cost and lifetime value, and how do you plan to scale sales?”

  • 3

    “Given the preference stack, how do you see common stock value evolving in a future exit scenario?”

Community

Valuation Sentiment

Our model estimates -50% 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.