Airtime
-78%
est. 2Y upside i
Airtime (FKA mmhmm) is a new and better way for companies and individuals to create clear, compelling video communications.
Rank
#3214
Sector
Business/Productivity Software
Est. Liquidity
~3Y
Data Quality
Data: MediumAirtime presents a moderate upside opportunity, driven by its specialized video communication tools in a large, growing market and strong gross margins.
Last updated: March 10, 2026
Airtime successfully expands its product suite with new AI-powered features and deep integrations, capturing significant market share from competitors and attracting larger enterprise clients. Revenue grows to over $200M by 2028, justifying a $1.875B+ valuation at a premium multiple, leading to a successful IPO.
Airtime maintains its niche in video communication enhancements, growing steadily at 30-40% annually. It continues to compete effectively with specialized tools but faces ongoing pressure from incumbents. Revenue reaches ~$100M by 2028, leading to an acquisition or IPO at a $1.125B valuation.
Dominant incumbents like Microsoft Teams and Zoom integrate advanced virtual camera and screen recording features directly into their platforms, commoditizing Airtime's core offerings. Growth stalls, and the company struggles to differentiate, leading to a down round or acquisition at a significantly reduced valuation of $300M, severely impacting common stock value due to $235M in liquidation preferences.
Preference Stack Risk
severeInvestors hold $235M in liquidation preferences, meaning common stock holders would receive little to nothing in an exit at or below this amount, or a significantly reduced share above it.
Dilution Risk
highGiven the current revenue and total funding, additional funding rounds are likely before an IPO, which could further dilute existing common shareholders.
Secondary Liquidity
limitedAccredited investors can access pre-IPO shares through platforms like EquityZen and Hiive, but direct employee access and liquidity are typically constrained by company policies.
Questions to Ask at the Interview
Strategic questions based on Airtime's data — designed to show you've done your homework.
- 1
“Given the strong competitive landscape with incumbents like Zoom and Microsoft Teams, how is Airtime planning to maintain and grow its market share, particularly for its specialized tools like Creator and Camera?”
- 2
“With a current revenue of ~$38M, what are the key growth levers and target milestones for Airtime to reach $100M+ ARR in the next 2-3 years, and how will this impact the path to profitability?”
- 3
“Considering the significant total funding of $235M, how is the company thinking about a liquidity event timeline for employees, and what are the plans for managing employee equity value given the preference stack?”
Community
Valuation Sentiment
Our model estimates -78% 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.