Blues
-61%
est. 2Y upside i
Blues helps physical product makers transform their offerings into data-driven intelligent services through secure IoT connectivity.
Rank
#3772
Sector
Internet of Things
Est. Liquidity
~4Y
Data Quality
Data: LowBlues has a compelling product but carries severe financial risk for equity compensation.
Last updated: July 3, 2026
Exit multiple holds at 10.4x due to IoT tailwind or strategic acquisition, giving valuation ~$138M. Upside is constrained by high preference overhang.
Multiple compresses to 5x as growth normalizes, valuation $69M. After 20% dilution, common stock loses half its value.
Multiple falls to 2x, valuation $28M, below $99M liquidation preference. Common stock recovers zero.
Preference Stack Risk
severeFunding Intensity
9900%Total funding of $99M is roughly equal to estimated valuation, so preferred shareholders hold nearly all the value.
Dilution Risk
highWith burn likely exceeding revenue, a capital raise in 24 months is probable, diluting common holders by ~20%.
Secondary Liquidity
noneNo secondary market activity reported; shares are illiquid until an exit.
Questions to Ask at the Interview
Strategic questions based on Blues's data — designed to show you've done your homework.
- 1
“How does Blues plan to differentiate against cellular IoT module makers like Quectel and Telit?”
- 2
“What is the unit economics (gross margin) of the Notecard and Notehub service, and how do they scale?”
- 3
“Given the high preference overhang, what protections does common stock have in a liquidation?”
Community
Valuation Sentiment
Our model estimates -61% 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.