-1%

est. 2Y upside i

Series C

A spinout from Rivian, Also is a new electric mobility company. We’re a passionate team of builders, dreamers, doers and innovators, focused on creating entirely new (not to mention, innovative and delightful) vertically integrated, small EVs designed to meet the global mobility challenges of today and tomorrow.

Rank

#2315

Sector

Transportation

Est. Liquidity

~4Y

Data Quality

Data: Low

Given the lack of revenue data, this opportunity carries high risk.

Last updated: July 3, 2026

Bull (10%)+180%

Strong execution with Amazon/DoorDash drives rapid adoption; e-bike and delivery quad sales hit scale, leading to a 3x valuation ($3B) via IPO or acquisition within 4 years, net of 20% dilution.

Base (55%)+30%

Gradual commercial rollout, moderate revenue growth, but high cash burn necessitates another raise; valuation increases modestly to $1.3B, yielding ~30% upside after dilution.

Bear (35%)-100%

Inability to achieve product-market fit or competition from incumbents (e.g., Lime, Trek) leads to failure; total funding of $505M in preference stack leaves common stock worthless.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

5050%

Total funding of $505M against $1B valuation gives a 50.5% liquidation preference overhang, meaning common stock only recovers value above $505M.

Dilution Risk

high

With high capital intensity and only $200M raised 4 months ago, likely need another round in 12-18 months, diluting common holders by 15-25%.

Secondary Liquidity

none

No secondary market trading reported; no IPO signals or M&A interest indicated.

Questions to Ask at the Interview

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

  • 1

    “How does Also plan to achieve profitability given high manufacturing costs and R&D spend?”

  • 2

    “What is the current monthly cash burn and how many months of runway exist post-Series C?”

  • 3

    “Given the preference stack, what is the exercise price or strike of your options relative to the 409A valuation?”

Community

Valuation Sentiment

Our model estimates -1% 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.