+111%

est. 2Y upside i

RoboticsSeries A

Formic is a robotic rental service offering custom installation and a pay-by-the-hour model for automated manufacturing.

Rank

#353

Sector

Industrial Automation / Robotics-as-a-Service

Est. Liquidity

~4Y

Data Quality

Data: Low

Formic offers significant upside potential (expected ~111% over 2 years) driven by a large TAM and strong moat, but entry valuation is stale and total preferred funding ($185.9M) creates severe preference overhang.

Last updated: July 19, 2026

Bull (30%)+269%

IPO window or category leadership drives multiple expansion to 8x forward revenue on projected $48.6M revenue, yielding $388.8M exit. Net of 20% dilution, upside ~269%.

Base (45%)+123%

Multiple converges to 5x forward revenue on projected $48.6M revenue, yielding $243M exit. Net of 20% dilution, upside ~123%.

Bear (25%)-100%

Multiple compresses to 2x forward revenue on projected $48.6M revenue, yielding $97.2M exit, below $185.9M preference stack. Common stock recovers -100%.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

186%

Total funding of $185.9M exceeds entry valuation of $100M, implying common stock is underwater in all but best-case exits.

Dilution Risk

high

Likely need for additional funding within 2 years due to high capital intensity and fast growth; estimated 20% dilution.

Secondary Liquidity

none

No secondary market activity reported; shares are illiquid.

Other — 41 roles

View all 41 open roles at Formic →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Formic plan to achieve economies of scale given its high capital intensity and dependence on hardware?”

  • 2

    “What is the customer acquisition cost and payback period for a typical RaaS deployment?”

  • 3

    “Can the company reach profitability without additional dilution, and what is the expected dilution from future rounds?”

Community

Valuation Sentiment

Our model estimates +111% 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.