Opal Security

-58%

est. 2Y upside i

CybersecuritySeries B

The best security and engineering teams use Opal to manage access for everyone and everything in the modern enterprise — from employees and contractors to service accounts and AI agents. Recognizing that access moves rapidly, touches everything, and changes constantly, our AI-proofed authorization control plane is built for how identity works (and what identity security needs) today and tomorrow: scale, speed, and intelligence.

Rank

#1224

Sector

Cybersecurity

Est. Liquidity

~4Y

Data Quality

Data: High

Opal Security presents a moderate upside opportunity for a job seeker.

Last updated: March 10, 2026

Bull (30%)+250%

Opal Security's modern cloud-native architecture and AI-native security features capture significant market share from legacy IAM solutions, driven by the new CEO's leadership and strong execution. Revenue grows to ~$68M by 2028, justifying a $525M valuation at ~7.7x revenue, well above the current $150M.

Base (40%)+50%

Opal maintains its strong position in the mid-market and continues to grow, but faces persistent competition from incumbents. Revenue reaches ~$38M by 2028, leading to a $225M valuation at ~5.9x revenue, a modest increase from current pricing.

Bear (30%)-60%

Dominant incumbents like Microsoft and Okta (despite being an investor) intensify competition, commoditizing Opal's offerings. Growth slows significantly, and the company struggles to differentiate, leading to a down round at a $60M valuation. The high preference stack means common stock holders see minimal to no return.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

21%

Investors hold $32M in liquidation preferences ahead of common stock. In an exit at or below $150M, common stock holders would see significantly reduced returns, potentially nothing if the exit is below $32M.

Dilution Risk

high

As a Series B company focused on expansion, Opal Security is likely to pursue additional funding rounds (Series C, D) before an exit, which will lead to further dilution of existing equity holders.

Secondary Liquidity

none

For a Series B company of this size, active secondary markets or tender offers for employee equity are typically not available.

Other — 2 roles

View all 2 open roles at Opal Security →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

1
“How does Opal Security plan to leverage its partnership with Okta while simultaneously competing with them and other major incumbents like Microsoft Entra ID in the IAM space?”
2
“With a 'remarkable fourfold increase in annual recurring revenue' since Series A, what are the key strategies to maintain this aggressive growth trajectory and expand market penetration beyond current notable customers like Cloudflare and Databricks?”
3
“Given the Series B funding and the current valuation, what is the company's anticipated timeline for a liquidity event, and how does the leadership team plan to manage potential future dilution for employees?”

Community

Valuation Sentiment

Our model estimates -58% 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.