-19%

est. 2Y upside i

DevOps & InfraSeries B

Moderne is a developer collaboration platform for automated code refactoring and analysis that migrates, maintains, and secures source code with speed and accuracy at mass scale. Code remediations, updates, and migrations that can take many months of manual work can be done in minutes. Founders of OpenRewrite.

Rank

#2720

Sector

Developer Tools

Est. Liquidity

~4Y

Data Quality

Data: Medium

Moderne's equity offers a 20% chance of strong gains but a 40% chance of near-total loss, resulting in expected negative return of -19%.

Last updated: July 3, 2026

Bull (20%)+88%

If Moderne achieves an IPO window and maintains its current revenue multiple of ~16.7x on projected $9.1M revenue, equity could appreciate 88%. This requires continued enterprise adoption and differentiation from big tech AI assistants.

Base (40%)+6%

Revenue grows to $9.1M and exit multiple converges to 10x, yielding modest 6% upside before dilution. This assumes steady growth without a liquidity event.

Bear (40%)-97%

Revenue falls short, exit multiple compresses to 6x, and preference stack consumes most proceeds. Common stock nearly wiped out at -97% due to high leverage of $50M preferred on a $75M valuation.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

67%

Total $50M preferred translates to 66.7% of the estimated $75M valuation, leaving only $25M for common stock.

Dilution Risk

moderate

Assuming 15% dilution from option pools and future grants over 2 years.

Secondary Liquidity

none

No secondary trading reported; liquidity depends on exit event.

Other — 2 roles

View all 2 open roles at Moderne →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Moderne differentiate from GitHub Copilot’s expanding code modernization features?”

  • 2

    “What is the revenue growth trajectory and path to profitability given the $4.5M ARR and $50M funding?”

  • 3

    “How does the employee equity stack rank relative to $50M preferred, and what is the expected dilution from future rounds?”

Community

Valuation Sentiment

Our model estimates -19% 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.