+9%

est. 2Y upside i

FinTechSeries A

Ellipsis Labs is a profitable, venture-backed New York-based startup building differentiated products and infrastructure in decentralized finance. The company developed Phoenix, the leading order book spot exchange on the Solana blockchain, and Atlas, a blockchain for verifiable finance.

Rank

#386

Sector

Fintech, Blockchain, Decentralized Finance

Est. Liquidity

~4Y

Data Quality

Data: High

Ellipsis Labs presents a strong equity opportunity due to its leading position in the rapidly expanding Solana DeFi ecosystem and strategic expansion into perpetual futures and verifiable finance with Atlas.

Last updated: March 10, 2026

Bull (35%)+300%

Ellipsis Labs capitalizes on the booming Solana DeFi ecosystem, with Phoenix maintaining its top-tier spot volume and Phoenix Perpetuals capturing significant market share in decentralized futures. Atlas successfully launches its public testnet in 2026 and attracts institutional partners for verifiable finance, driving revenue to $100M+ by 2028 and justifying a $1.59B+ valuation at a premium multiple.

Base (40%)+100%

Ellipsis Labs continues to grow Phoenix's spot and perpetual volumes, maintaining its competitive position within the Solana DEX market. Atlas sees moderate adoption, but faces slower-than-anticipated institutional integration. Revenue grows steadily to ~$50M by 2028, leading to a $796M valuation, roughly a 2x return from current pricing.

Bear (25%)-80%

Intense competition from well-funded Solana DEXs like Jupiter and Orca erodes Phoenix's market share, while regulatory headwinds stifle DeFi growth. Atlas struggles to gain traction against established blockchain infrastructure, leading to revenue stagnation or decline below $10M. A market downturn or failure to raise subsequent funding rounds results in a down round to ~$79.6M, significantly impacting common stock value due to liquidation preferences.

Est. time to liquidity~3.5 years

Preference Stack Risk

moderate

Funding Intensity

12%

Investors have contributed $47.3M in total funding, which represents a liquidation preference that would be paid out before common shareholders in an exit at or below the current $398M valuation.

Dilution Risk

high

As a Series A company actively developing a new Layer 2 blockchain (Atlas), Ellipsis Labs will likely require additional significant funding rounds, leading to further dilution for existing equity holders.

Secondary Liquidity

limited

Secondary market trading for Ellipsis Labs shares is available through platforms like UpMarket, offering some liquidity for existing shareholders.

Engineering — 8 roles

Product and Design — 1 role

View all 9 open roles at Ellipsis Labs →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the intense competition in the Solana DEX market from players like Jupiter and Orca, how does Ellipsis Labs plan to maintain and grow Phoenix's market share, especially with the expansion of Phoenix Perpetuals?”

  • 2

    “With the Atlas Layer 2 blockchain targeting verifiable finance, what are the key milestones and partnerships Ellipsis Labs aims to achieve in the next 12-18 months to drive institutional adoption and revenue growth?”

  • 3

    “As a Series A company with a valuation of $398M and $47.3M in total funding, what is the anticipated timeline for a liquidity event (e.g., IPO or acquisition), and how does the company plan to manage potential future dilution for employees?”

Community

Valuation Sentiment

Our model estimates +9% 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.