i2x
-100%
est. 2Y upside i
Stage: exit. Country: Germany
Rank
#3775
Sector
Business/Productivity Software
Est. Liquidity
~2Y
Data Quality
Data: LowThe equity is deeply out of the money due to a $38.2M liquidation preference against a sub-$1M revenue base.
Last updated: August 3, 2026
Even with a 6x exit multiple on projected revenue of $1.5M, the enterprise is worth only $8.9M, far below the $38.2M liquidation preference. Common stock receives nothing.
Base case exit multiple of 3.5x on $1.5M revenue yields $5.2M, well below the $38.2M preference stack. Common stockholders are wiped out.
Bear case exit multiple of 1.5x on $1.5M revenue gives $2.2M, below total funding. The entire exit value goes to preferred holders, and common stock recovers -100%.
Preference Stack Risk
severeFunding Intensity
100%Total funding of $38.2M must be returned before common holders see proceeds; with only $0.99M revenue, this creates a severe overhang.
Dilution Risk
highA capital raise is likely given the last round was in 2022, diluting existing common holders by an estimated 20%.
Secondary Liquidity
noneNo secondary market activity was detected; the 2023 acquisition further constrains liquidity.
Questions to Ask at the Interview
Strategic questions based on i2x's data — designed to show you've done your homework.
- 1
“What is the current 409A common stock valuation and how has it changed since the 2022 round?”
- 2
“How does the existing liquidation preference impact the value of new common stock grants?”
- 3
“What is the revenue growth trajectory and what milestones would trigger additional funding or an exit?”
Community
Valuation Sentiment
Our model estimates -100% 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.