-93%

est. 2Y upside i

HealthcareSeries D+

OpenEvidence is a next-generation AI platform transforming how healthcare professionals and organizations access and apply medical information. Built on cutting-edge large language models and deep clinical data, OpenEvidence enables faster, more reliable, and more personalized decision-making for clinicians and life sciences partners.

Rank

#3725

Sector

Healthcare Technology / Clinical AI

Est. Liquidity

~2Y

Data Quality

Data: Medium

The equity offer at a $12B valuation implies an extremely high entry multiple (120x ARR), making a positive return over 2 years highly unlikely even under optimistic assumptions.

Last updated: July 3, 2026

Bull (10%)-82%

IPO window and category leadership sustain a 15x revenue multiple on projected $194M revenue, yielding $2.91B exit. After $0.7B preference, common equity at $2.21B represents 81.6% loss from $12B entry.

Base (45%)-90%

Multiple compresses to 10x as growth normalizes to 34% YoY, reflecting public market discount for clinical AI risk. Exit of $1.94B leaves $1.24B for common, an 89.7% loss.

Bear (45%)-98%

Incumbent pressure and regulatory setbacks push multiple to 5x, exit at $0.97B. After $0.7B preference, common recovers only $0.27B, a 97.8% loss.

Est. time to liquidity~2.0 years

Preference Stack Risk

low

Funding Intensity

580%

Total funding of $700M represents 5.8% of $12B valuation, so preferred has minimal overhang.

Dilution Risk

low

Large Series D in Jan 2026 provides ample runway; no dilutive round expected within 2 years.

Secondary Liquidity

none

No secondary market data available; likely illiquid.

Engineering — 10 roles

View all 10 open roles at OpenEvidence →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How would you approach pivoting the business model if regulatory barriers (EU AI Act) prevent expansion into Europe?”

  • 2

    “What metrics do you track to ensure the high multiple is justified beyond revenue growth?”

  • 3

    “Given the negative expected upside over a 2-year horizon, what is your personal timeline for liquidity and risk tolerance?”

Community

Valuation Sentiment

Our model estimates -93% 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.