Obsidian Security

obsidiansecurity.com →

-93%

est. 2Y upside i

CybersecuritySeries C

Rank

#3728

Sector

Cybersecurity

Est. Liquidity

~2Y

Data Quality

Data: Medium

Given the current secondary valuation of $850M and projected 2-year revenue of ~$27M, the implied multiple of 52x forward revenue is unsustainable relative to public comps of 5-12x.

Last updated: July 3, 2026

Bull (20%)-73%

Bull case: multiples hold near 15x due to successful IPO and market leadership; but even then, high entry multiple and expected dilution result in significant downside.

Base (35%)-95%

Base case: multiple converges to 8x as growth decelerates; after 20% dilution, common stock retains minimal value.

Bear (45%)-100%

Bear case: preference stack dominates; implied exit of $106.7M is below total funding of $119.5M, wiping out common equity.

Est. time to liquidity~2.0 years

Preference Stack Risk

moderate

Funding Intensity

1410%

Total preferred of $119.5M represents 14% of entry valuation; in bear case exit below that, common stock receives nothing.

Dilution Risk

high

With latest round in 2022 and no profitability, a down round or up round could dilute existing common by 20%+.

Secondary Liquidity

limited

Recent secondary transactions valued company at $850M, but common stock may trade at a discount.

Other — 24 roles

View all 24 open roles at Obsidian Security →

Last updated: February 22, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Obsidian differentiate from Wiz and CrowdStrike's emerging SSPM offerings?”

  • 2

    “What is the company's path to positive cash flow given current burn and limited runway?”

  • 3

    “What liquidity events are realistically expected, and what is the typical employee lockup?”

Community

Valuation Sentiment

Our model estimates -93% 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.