+26%

est. 2Y upside i

CybersecuritySeries D+

Rank

#1474

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Low

Censys presents a moderate upside opportunity with estimated 26% expected return over 2 years, driven by a strong moat and market demand.

Last updated: July 19, 2026

Bull (20%)+88%

Bull case assumes 15x exit multiple on $83M revenue ($1.245B exit), driven by a favorable IPO window and category leadership in internet intelligence. Net upside after 20% dilution is 87.5%.

Base (55%)+32%

Base case assumes 11x exit multiple on $83M revenue ($913M exit), converging to the public comp range. Net upside after 20% dilution is 32%.

Bear (25%)-37%

Bear case assumes 6x exit multiple on $83M revenue ($498M exit) due to multiple compression from competitive pressure. Net upside after 20% dilution is -37%, with preference stack remaining subordinate at this exit level.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

25%

Total funding of $149M represents 24.8% of estimated $600M valuation, creating a high preference overhang that could reduce common equity returns in a moderate exit.

Dilution Risk

high

With estimated $52M revenue and no profitability, a Series E round within 2 years is probable, likely diluting common stock by 15-25%.

Secondary Liquidity

none

No secondary market is indicated; liquidity will likely only occur upon acquisition or IPO.

View all 11 open roles at Censys →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Censys plan to differentiate from Shodan as it scales into attack surface management?”

  • 2

    “What is the timeline to profitability and how does the subscription model drive revenue growth?”

  • 3

    “How does the equity package address potential dilution and what is the expected timeline for an exit?”

Community

Valuation Sentiment

Our model estimates +26% 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.