+39%

est. 2Y upside i

AI & MLSeries D+

Inference infrastructure platform for deploying machine learning models

Rank

#1218

Sector

Enterprise Software / AI Infrastructure

Est. Liquidity

~2Y

Data Quality

Data: Medium

The equity offers moderate expected upside of ~39% over 2 years, but with high risk from incumbent competition and a severe preference overhang.

Last updated: July 3, 2026

Bull (10%)+107%

IPO window opens and Baseten establishes category leadership, supporting a 13x forward revenue multiple. Projected 24-month revenue of $785M yields a $10.2B exit, 107% upside.

Base (50%)+59%

Exit multiple converges to public comp range of 10x forward revenue. $785M revenue implies $7.85B exit, 59.2% upside from entry valuation of $4.93B.

Bear (40%)-5%

Multiple compresses to 6x due to hyperscaler competition and slowing growth. Exit value of $4.71B falls just below entry valuation, resulting in a -4.5% loss for common stock.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

42%

Total funding of $2.08B against $4.93B entry valuation creates 42% preference overhang, meaning common stock only participates after preferred's 1x liquidation preference.

Dilution Risk

low

Recent $1.5B Series F provides ample runway, making a near-term dilutive raise unlikely.

Secondary Liquidity

moderate

Secondary trades at $4.93B imply some liquidity, with recent transactions at a significant discount to primary round.

Talent — 4 roles

G&A — 3 roles

View all 39 open roles at Baseten →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Baseten's multi-cloud strategy defend against hyperscaler incumbency?”

  • 2

    “What is the unit economics and retention for usage-based vs. committed revenue?”

  • 3

    “Given the preference overhang and secondary discount, how does the company plan to align employee equity value with IPO timing?”

Community

Valuation Sentiment

Our model estimates +39% 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.