+87%

est. 2Y upside i

FinTech

Rank

#525

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Medium

The equity offers moderate expected upside (~87% over 2 years) but high risk given the wide gap between analyst valuation ($2B) and secondary market ($384M).

Last updated: July 3, 2026

Bull (10%)+185%

Driven by IPO window enabling exit multiple expansion to ~6.7x forward revenue; stage cap limits upside to +200% before dilution, net +185%.

Base (45%)+155%

Multiple converges to 6x as company matures and incumbent threats are managed; revenue growth to $173M supports 6x multiple, net +155% after dilution.

Bear (45%)-2%

Multiple compresses to 2.5x due to aggressive incumbent competition from Procore/banks; revenue growth slows; exit value only $433M slightly above preference, barely positive total upside, net -2.3% after dilution.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

25200%

Total preferred funding of $312.7M represents 81.5% of entry valuation, leaving only $71M (18.5%) for common equity.

Dilution Risk

high

The secondary market suggests a down-round is likely, and the company may need to raise capital at a lower valuation, diluting existing common holders.

Secondary Liquidity

moderate

Secondary market trades at ~$383.75M valuation, providing some liquidity but at a significant discount to the analyst valuation.

Questions to Ask at the Interview

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

  • 1

    “How does Built plan to defend against Procore's expansion into construction finance?”

  • 2

    “What is the unit economics of a contractor subscription and how does it scale with project volume?”

  • 3

    “Given the secondary valuation discount, what is the company's plan to improve public-market perception or achieve a liquidity event?”

Community

Valuation Sentiment

Our model estimates +87% 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.