-65%

est. 2Y upside i

AI & MLMedia & CommsSeries C

Mirage (fka Captions) is the leading AI short-form video company. We’re building full-stack foundation models and products that redefine video creation, production and editing. Over 20 million creators and businesses use Mirage’s products to reach their full creative and commercial potential.

Rank

#3053

Sector

Generative AI, Multimedia Software

Est. Liquidity

~3Y

Data Quality

Data: Medium

Mirage operates in a high-growth generative AI video market but faces a significant incumbent threat from tech giants like Google, Meta, and ByteDance, as well as well-funded private competitors like Runway AI ($5.3B valuation).

Last updated: March 10, 2026

Bull (10%)+200%

Mirage successfully differentiates through its proprietary multimodal foundation model and hyperrealistic avatars, capturing significant market share in both B2C and B2B segments, especially for personalized video at scale. Revenue grows rapidly to ~$200M by 2028, justifying a $1.5B valuation (3x current) at a ~7.5x revenue multiple, driven by strong enterprise adoption.

Base (40%)+75%

Mirage maintains its position in the creator tools market and gains traction in the enterprise segment, but faces intense competition from incumbents and well-funded startups. Growth is steady but not explosive, reaching ~$100M in revenue by 2028. Valuation increases to $875M (1.75x current) at a ~8.75x revenue multiple, reflecting solid execution but limited breakout potential.

Bear (50%)-50%

Dominant incumbents like Google and Meta integrate advanced AI video generation tools directly into their platforms, commoditizing Mirage's core offerings. Regulatory concerns over deepfakes also slow adoption. Revenue stalls below $50M, leading to a down round or acquisition at a $250M valuation (-50%), significantly impacting common stock value due to $100M in liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

20%

Investors hold $100M in liquidation preferences ahead of common shareholders, representing 20% of the current $500M valuation.

Dilution Risk

moderate

As a Series C company, Mirage will likely require at least one more significant funding round before a liquidity event, leading to further dilution for common stock holders.

Secondary Liquidity

none

There is no information indicating active secondary markets or tender offers for Mirage's equity.

Engineering — 6 roles

Marketing — 3 roles

Operations — 3 roles

Data Science — 2 roles

Product — 1 role

View all 15 open roles at Mirage →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “Given the strong presence of incumbents like Google, Meta, and ByteDance in the short-form video space, how does Mirage plan to sustain its competitive advantage and avoid commoditization of its core AI video generation technology?”

  • 2

    “Mirage has a hybrid revenue model across B2C creators and B2B enterprise solutions. What is the strategic focus for growth over the next 2-3 years, and how will resources be allocated between these segments?”

  • 3

    “As a Series C company, what is the anticipated timeline and strategy for a liquidity event (e.g., IPO or acquisition), and how does the company plan to manage potential future dilution for common shareholders?”

Community

Valuation Sentiment

Our model estimates -65% upside. What do you think?

Anonymous. Do not share material non-public information.

Community Discussion

Comments are reviewed before they appear publicly.

0/2000

Loading comments...

Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.