+84%

est. 2Y upside i

Series D+

Rank

#713

Sector

Enterprise Software

Est. Liquidity

~4Y

Data Quality

Data: Medium

Delphix's secondary market valuation of $250M offers a potential entry point, but the acquisition by Perforce and high incumbent threat cap upside.

Last updated: July 3, 2026

Bull (15%)+100%

In a best case, Delphix achieves category leadership or an IPO window opens, sustaining multiples above public comps. With $169M revenue by 2028, a 6x multiple yields $1.01B valuation, but stage cap limits upside to +100%.

Base (40%)+170%

Base case assumes ~4x multiple convergence with public comps. Projected $169M revenue supports $676M valuation, netting +170% total return before dilution.

Bear (45%)+1%

Bear case reflects incumbents (AWS, Azure, Oracle) compressing multiples to 1.5x. Even with ~$254M exit, common stock barely recovers after $124M preference.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

4960%

Total preferred liquidation preference of $124M represents ~49.6% of entry valuation, significantly diluting common in any exit below ~$292M.

Dilution Risk

low

Company is profitable and a subsidiary of Perforce, making further dilutive rounds unlikely.

Secondary Liquidity

limited

Secondary market exists but liquidity for employee shares is constrained; implied value is $250M.

Questions to Ask at the Interview

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

  • 1

    “How would you leverage Perforce's portfolio to accelerate Delphix's go-to-market and drive multiple expansion?”

  • 2

    “Given the shift to cloud-native data management, what is Delphix's strategy to differentiate from built-in cloud database tools?”

  • 3

    “What is the expected timeline and mechanism for liquidity of employee equity given the current ownership structure?”

Community

Valuation Sentiment

Our model estimates +84% 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.