Material Security
-69%
est. 2Y upside i
Email security platform protecting sensitive data in mailboxes
Rank
#3527
Sector
Cybersecurity
Est. Liquidity
~4Y
Data Quality
Data: LowThe equity at the current secondary valuation of $270M offers limited upside given 11.6% growth and high competition.
Last updated: July 3, 2026
Multiple holds at 14x due to IPO window and category leadership, but dilution dilutes gains, resulting in slight loss.
Multiple compresses to 7x as growth slows, leading to significant loss after dilution.
Multiple collapses to 3x due to competitive pressure, exit value below preference stack, common stock worthless.
Preference Stack Risk
severeFunding Intensity
61%Total funding $166M equals 61% of entry valuation, giving preferred shareholders a large claim.
Dilution Risk
highWith low growth and likely cash burn, a future round could dilute existing shareholders by 20% or more.
Secondary Liquidity
limitedSecondary market activity implies some liquidity, but volume may be limited.
EPD — 2 roles
- Senior Threat Research Engineer · Remote
- Sr. Application Security Engineer · Remote
GTM — 2 roles
- Sales Development Representative, Commercial · San Francisco Office
- Sr Marketing Operations Manager · Remote
Last updated: March 10, 2026
Questions to Ask at the Interview
Strategic questions based on Material Security's data — designed to show you've done your homework.
- 1
“How will Material differentiate from Microsoft's native security features?”
- 2
“What is the path to profitability with only $18.3M ARR?”
- 3
“Given the down round, what is the board's strategy for increasing valuation?”
Community
Valuation Sentiment
Our model estimates -69% upside. What do you think?
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Community Discussion
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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.