+25%

est. 2Y upside i

FinTechSeries A

Hummingbot is an open source toolbox for professional liquidity providers.

Rank

#2128

Sector

Fintech

Est. Liquidity

~4Y

Data Quality

Data: Low

The equity is highly speculative with a stale $25M estimated valuation.

Last updated: July 3, 2026

Bull (15%)+154%

Crypto market booms and IPO window opens; multiple expands to 12x on projected rev of $5.7M. Exit value $68.4M; net 153.6% after 20pp dilution.

Base (45%)+62%

Multiple converges to 8x on $5.7M rev; exit $45.6M. Incumbent pressure limits multiple expansion; net 62.4% after dilution.

Bear (40%)-65%

Multiple compresses to 5x; exit $28.5M. After $14.8M preference, common gets $13.7M, a -45.2% loss; net -65.2% after dilution.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

59%

Total preferred liquidation preference $14.8M vs estimated $25M valuation (59% overhang). In a bear exit below that, common stock recovers nothing.

Dilution Risk

moderate

Profitable company may not need funding, but growth capex could require a raise, diluting existing holders 15-25%.

Secondary Liquidity

none

No secondary market activity or valuation marks in data; liquidity likely years away.

Questions to Ask at the Interview

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

  • 1

    “How does Hummingbot plan to differentiate from built-in exchange bots and AI-driven trading agents?”

  • 2

    “What is the recurring revenue breakdown between fee-share, platform fees, and services?”

  • 3

    “Given the 2023 round and profitability, what is the current burn rate and expected runway?”

  • 4

    “Have there been any secondary offers or acquisition interest?”

  • 5

    “How does the open-source community translate into paid users and retention?”

Community

Valuation Sentiment

Our model estimates +25% 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.