+60%

est. 2Y upside i

CybersecurityAI & MLSeries C

Doppel is the leading solution in modern digital risk protection for trusted brands. Our state-of-the-art AI scans over 10 million entities daily across the web, dark web, social media, and app stores, offering unparalleled breadth in detecting digital threats, including piracy, counterfeiting, phishing scams, executive impersonators, and more.

Rank

#828

Sector

Cybersecurity, Artificial Intelligence

Est. Liquidity

~3Y

Data Quality

Data: Medium

Equity offers a probability-weighted 2-year upside of ~60% net of estimated 20% dilution, driven by hypergrowth from ~$2.1M ARR (Dec 2023) to ~$116M by Aug 2028.

Last updated: August 25, 2026

Bull (30%)+170%

IPO window opens and Doppel's AI-native category leadership sustains a 15x forward revenue multiple, implying a $1.74B exit. Net of 20% dilution, common stock upside is 170%.

Base (50%)+35%

Growth continues with 25% annual decay to $116M ARR; exit multiple converges to 8x in line with public SaaS security comps, implying a $928M exit. Net of 20% dilution, upside is roughly 35%.

Bear (20%)-43%

Growth slows or incumbents absorb the category, compressing the multiple to 4x and implying a $464M exit. Net of 20% dilution, common stock suffers a ~43% loss; preference stack still above but does not wipe out common.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

22%

$129M of preferred liquidation preference equals 21.5% of the $600M entry valuation; base/bull exits exceed it but it reduces common recovery in down scenarios.

Dilution Risk

high

With ~$70M Series C raised in Nov 2025 and 368 employees, a follow-on round before liquidity is probable, diluting common equity by an estimated 20%.

Secondary Liquidity

none

No secondary market mark was provided; liquidity is likely limited to an IPO or acquisition.

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Last updated: July 3, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Doppel's AI-native approach create a durable moat against CrowdStrike/Cloudflare platform expansions?”

  • 2

    “What is current ARR, net revenue retention, and how does the hybrid SaaS + usage pricing scale with large enterprise deals?”

  • 3

    “What is the latest 409A/common share price and fully diluted share count, and what dilution occurred in the Series C?”

Community

Valuation Sentiment

Our model estimates +60% 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.