-68%

est. 2Y upside i

AI & MLSeries B

Listen is an autonomous market researcher that makes research simple and fast. Share your business question, and our AI handles everything - designing the interviews, finding the right participants, and analyzing responses. Whether you're testing products or exploring new markets, Listen is a skilled researcher that works 24/7, delivering insights in hours instead of weeks.

Rank

#2599

Sector

AI Customer Research Platform

Est. Liquidity

~4Y

Data Quality

Data: High

Listen Labs presents a moderate upside opportunity, but with higher risk.

Last updated: March 10, 2026

Bull (17%)+200%

Listen Labs significantly expands its enterprise customer base, leveraging its proprietary AI to capture market share from traditional market research firms and outcompeting smaller AI players. Revenue accelerates to $60M by 2028, justifying a $1.5B valuation at 25x revenue, a 200% upside from current.

Base (46%)+50%

Listen Labs maintains its growth trajectory, expanding its platform features and securing additional mid-market and enterprise clients. Revenue reaches $25M by 2028, leading to a $750M valuation at 30x revenue, representing a 50% upside.

Bear (37%)-60%

Increased competition from established players like Qualtrics and new AI entrants, coupled with slower-than-expected market adoption, leads to stalled growth. A down round values the company at $200M, resulting in a 60% downside and significantly impacting common stock value due to liquidation preferences.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

20%

Investors hold approximately $100M in liquidation preferences, meaning common stock holders would receive value only after this amount is returned to preferred shareholders in an exit at or below current valuation.

Dilution Risk

moderate

As a Series B company, Listen Labs will likely require additional funding rounds, leading to further dilution for existing equity holders.

Secondary Liquidity

none

There is no active secondary market for Listen Labs equity at this stage.

Revenue — 9 roles

Growth — 5 roles

Engineering, Product & Design — 2 roles

Finance & Accounting — 1 role

View all 17 open roles at Listen Labs →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the 'medium' incumbent threat from established players like Qualtrics and tech giants like Google and Microsoft, how does Listen Labs plan to maintain its competitive moat and differentiate its AI-powered insights platform over the next 2-3 years?”

  • 2

    “With a current run rate of $10M and 14% YoY growth, what are the key strategies to accelerate revenue growth and expand market penetration beyond the current ~5% in the $8B SAM, especially considering the high current valuation?”

  • 3

    “Considering the recent Series B funding at a $500M valuation and a significant preference stack, what is the company's anticipated timeline and strategy for a liquidity event (e.g., IPO or acquisition) to ensure meaningful returns for common stock holders?”

Community

Valuation Sentiment

Our model estimates -68% 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.