-80%

est. 2Y upside i

Media & CommsSeries D+

Rank

#3900

Sector

Media & Entertainment

Est. Liquidity

~2Y

Data Quality

Data: Low

Given the large liquidation preference, common equity is deeply underwater.

Last updated: July 3, 2026

Bull (10%)+100%

Fandom rides network effects and IPO wave to a 7x revenue multiple, yielding $700M exit. Common stock recovers above total funding, generating full upside on valuation.

Base (45%)-100%

Exit at 4x revenue ($400M) is below total funding of $475.7M, leaving common stock worthless.

Bear (45%)-100%

Multiple compresses to 2x or lower, exit far below total funding; common stock recovers -100%.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

162%

Total funding of $475.67M exceeds valuation of $293.35M, so common stock has zero liquidation preference and requires exit above $475.67M to have any value.

Dilution Risk

low

Company is profitable, unlikely to raise capital soon.

Secondary Liquidity

none

No secondary market data available.

Questions to Ask at the Interview

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

  • 1

    “How does Fandom plan to defend against AI overviews reducing search traffic?”

  • 2

    “What is the revenue breakdown between advertising and other streams?”

  • 3

    “Given the $475M liquidation preference, what is the actual expected value of employee options at today's common stock fair value?”

Community

Valuation Sentiment

Our model estimates -80% 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.