+95%

est. 2Y upside i

CybersecuritySeries D+

Rank

#476

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Low

Equity is high-risk, high-potential.

Last updated: July 3, 2026

Bull (20%)+80%

Exit at 4.4x revenue ($771M EV) driven by IPO window and category leadership; common stock doubles (capped at 100% pre-dilution).

Base (35%)+352%

Exit at 8x revenue ($1.41B EV), converging to public comp multiples; common stock worth $1.11B, a 4.7x return from $235M entry.

Bear (45%)-98%

Exit at 2x revenue ($352M EV) as competitive pressure and slowing growth compress multiples; common equity only $51M, a -78% return before dilution.

Est. time to liquidity~2.5 years

Preference Stack Risk

severe

Funding Intensity

30100%

Total preferred liquidation preference of $301M exceeds current common equity value of $235M by 28%.

Dilution Risk

high

High growth and cash needs likely require a new round within 24 months, diluting common by ~20%.

Secondary Liquidity

limited

Secondary trades at $235M provide a price anchor but volume and liquidity are unclear.

View all 11 open roles at Expel →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Expel differentiate from Microsoft and CrowdStrike's native MDR offerings?”

  • 2

    “What is the dollar-based net retention rate and churn over the last 4 quarters?”

  • 3

    “What is the expected dilution from the next funding round, and is there a secondary program for employees?”

Community

Valuation Sentiment

Our model estimates +95% 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.