-89%

est. 2Y upside i

HealthcareSeed

Othership is a space for transformation. Explore the sauna to sweat, ice baths to drop-in and a commons to be yourself with others. Embark on a shared journey to regulate yourself and your emotions, in a world that can’t be regulated, and expect to shift your state in more ways than one.

Rank

#1861

Sector

Wellness

Est. Liquidity

~4Y

Data Quality

Data: Medium

Othership presents a moderate upside opportunity, driven by its innovative 'social spa' concept and expansion into the growing U.S. wellness market.

Last updated: March 10, 2026

Bull (15%)+250%

If Othership successfully executes its U.S. expansion, particularly with the new NYC 'social spa' concept, and significantly grows its membership base, revenue could reach $70M+ by 2028. This strong performance in a growing market could justify a $245M valuation (3.5x revenue), representing a 250% upside from the current assumed valuation of $70M.

Base (50%)+75%

Othership continues to grow steadily, expanding to a few more key urban centers while maintaining its unique community focus. Revenue reaches approximately $35M-$40M by 2028, and the company achieves a $122.5M valuation (3.5x revenue) through a strategic acquisition or a modest follow-on round, resulting in a 75% upside from the current assumed valuation of $70M.

Bear (35%)-60%

Intense competition from larger wellness brands and traditional fitness centers, coupled with high capital expenditure for expansion, leads to slower-than-expected growth and increased burn. Revenue stalls at $25M, and a challenging funding environment forces a down round, valuing the company at $28M. This would result in a 60% downside, significantly impacting common stock value due to existing liquidation preferences.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Investors hold $21M in liquidation preferences, meaning common shareholders would only see returns after this amount is paid out in an exit. In an exit at the assumed $70M valuation, common shareholders would effectively be investing at a $49M valuation.

Dilution Risk

high

With high capital intensity and plans for U.S. expansion, Othership will likely require additional funding rounds, which will dilute existing equity holders.

Secondary Liquidity

none

As a private company at the Series B stage, there is currently no active secondary market for Othership's equity.

Questions to Ask at the Interview

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

  • 1

    “Given the high capital intensity of opening new physical locations, how is Othership balancing aggressive expansion plans with maintaining a healthy cash runway and minimizing future dilution for employees?”

  • 2

    “Othership's 'social spa' concept is a key differentiator. How does the company plan to protect this competitive moat against larger wellness brands that could replicate similar offerings, and what specific strategies are in place to deepen community engagement?”

  • 3

    “With a Series B round likely completed or imminent, how does the company envision the path to a liquidity event (IPO or acquisition) within a 3-5 year timeframe, and what milestones are critical to achieving that?”

Community

Valuation Sentiment

Our model estimates -89% 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.