-43%

est. 2Y upside i

AI & MLSeries C

Encord is the leading data development platform for advanced vision and multimodal AI teams. We build tools and infrastructure to help our clients get their models into production faster with a data-centric model testing and evaluation framework, human-centric workflow and annotation tools for labeling & RLHF, and data curation and management software.

Rank

#3170

Sector

AI Data Infrastructure

Est. Liquidity

~4Y

Data Quality

Data: Low

Encord's equity offers limited upside given low growth and high competition.

Last updated: July 21, 2026

Bull (10%)+23%

Bull case: IPO window opens, multiple expands to 20x, exit value $896M, common value $786M, net 22.9% upside after dilution.

Base (45%)-26%

Base case: Multiple converges to 14x, exit $627M, common $517M, net -26% after dilution.

Bear (45%)-75%

Bear case: Multiple compresses to 8x, exit $358M, common $248M after preference, net -74.8% after dilution.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

20%

Total funding $110M represents 20% of current valuation, with 1x non-participating preferred.

Dilution Risk

moderate

Expected dilution of ~20% from a future round within 24 months.

Secondary Liquidity

none

No known secondary market activity.

Other — 3 roles

View all 3 open roles at Encord →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How do you plan to differentiate from Scale AI in the physical AI domain?”

  • 2

    “What is the revenue growth trajectory and path to profitability?”

  • 3

    “How does the employee equity pool work and what is the expected dilution from future rounds?”

Community

Valuation Sentiment

Our model estimates -43% 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.