-34%

est. 2Y upside i

Data & AnalyticsSeries B

Open source BI tool for dbt analytics engineers

Rank

#2999

Sector

Business Intelligence, Data Analytics, SaaS

Est. Liquidity

~3Y

Data Quality

Data: Medium

The equity is a lottery ticket at best: Lightdash has $11M ARR, only 6% YoY growth, and a $37.5M preferred stack above the $33M valuation, so the common stock is already underwater.

Last updated: August 3, 2026

Bull (15%)+96%

AI analyst product and open-source dbt adoption drive a 6x revenue multiple on $11.9M revenue, implying a $71M exit. After 20% dilution, common upside is ~96%.

Base (35%)+6%

Multiple converges to the low end of public comps (~3.5x), valuing the company at ~$42M on $11.9M revenue. After 20% dilution, common upside is ~6%.

Bear (50%)-100%

Growth stalls and Looker/Power BI/Tableau dominate; exit multiple compresses to 1.5x ($18M), below the $37.5M preferred stack, leaving common stock worthless.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

11360%

$37.5M of 1x preferred liquidation preference exceeds the $33M entry valuation, leaving common stock likely worthless in any exit below $37.5M.

Dilution Risk

high

With only $5.3M raised in the latest round and slow growth, a new raise within 24 months is likely and could add 20%+ dilution.

Secondary Liquidity

none

No secondary market signal or implied value exists; shares are likely illiquid until a liquidity event.

Engineering — 2 roles

Lightdash — 1 role

View all 6 open roles at Lightdash →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “What is the concrete plan to reaccelerate revenue growth from 6% to the 40%+ expected of a VC-backed BI company?”

  • 2

    “How does the open-source model convert into paid Cloud ARR, and what are current net dollar retention and logo churn?”

  • 3

    “What is the latest 409A/common share value, and how would a future raise with the $37.5M preferred stack dilute common holders?”

Community

Valuation Sentiment

Our model estimates -34% 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.