Celonis

+31%

est. 2Y upside i

Series D+

Rank

#1343

Sector

Enterprise Software, Process Intelligence

Est. Liquidity

~2Y

Data Quality

Data: Medium

Celonis offers moderate potential upside over 2 years, but with significant risk from incumbent competition and a high preference stack.

Last updated: July 19, 2026

Bull (15%)+95%

IPO window opens in 2026, driving multiple expansion to 9x on $1.8B revenue; upside 95.4% net of 15% dilution.

Base (50%)+49%

Multiple converges to 7x, in line with comps; upside 48.6% net of dilution.

Bear (35%)-22%

Incumbent competition compresses multiple to 4x; upside -21.5% net of dilution; no preference trigger as exit value > $2.4B.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

3117%

Total preferred liquidation preference of $2.4B against secondary valuation of $7.7B, representing 31% of valuation.

Dilution Risk

high

With $600M revolver and $2.4B total funding, additional equity raise may be needed to fuel growth, diluting current shareholders by 15-25%.

Secondary Liquidity

active

Recent Q3 2026 mutual fund disclosures indicate a secondary price of $137.1 per share, implying active secondary market.

Other — 278 roles

Last updated: February 22, 2026

Questions to Ask at the Interview

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

1
“How does Celonis plan to defend against SAP and Microsoft's native process mining?”
2
“What is the unit economics and land-and-expand strategy for mid-market customers?”
3
“Given the preference stack, what is the likely liquidation scenario and common stock recovery in various exit outcomes?”

Our model estimates +31% upside. What do you think?

Anonymous. Do not share material non-public information.

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.