+77%

est. 2Y upside i

DevOps & InfraSeries A

Agentic AI for Power Projects and AI Infrastructure

Rank

#1064

Sector

Clean Energy Infrastructure Software

Est. Liquidity

~5Y

Data Quality

Data: Low

Paces is a genuinely compelling sector bet — clean energy plus AI plus data center infrastructure is arguably the hottest intersection in software right now — but the complete absence of disclosed revenue, valuation, or growth metrics makes the equity package nearly impossible to evaluate objectively.

Last updated: May 5, 2026

Bull (20%)+300%

Paces rides the data center co-location siting boom and renewable permitting automation wave, growing ARR to $10M+ and raising a Series B at ~5x the estimated Series A post-money (~$45-55M), driving ~300% net common upside after roughly 25% new-round dilution. Enterprise anchors like EDF and a strong AI data moat prevent commoditization.

Base (55%)+65%

Paces steadily adds enterprise logos and raises a Series B at ~2.5x its estimated current valuation within 2 years, netting common shareholders roughly 65% paper gain after ~22% dilution; actual liquidity remains 3-5 years out, requiring patience and career-bet conviction.

Bear (25%)-75%

Revenue growth disappoints or the funding climate tightens post-Series A, forcing a flat or down round; the $12.9M preference stack (25-32% of estimated valuation) further subordinates common equity, eroding 75%+ of employee paper value with no secondary market exit available.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Funding Intensity

27%

$12.9M in total liquidation preferences sits against an estimated Series A post-money valuation of $45-55M, representing roughly 25-32% of company value that must be cleared before common shareholders receive anything.

Dilution Risk

high

As a Series A company likely requiring 2-3 additional financing rounds before a liquidity event, employees face cumulative dilution of 40-60% from future preferred share issuances.

Secondary Liquidity

none

No secondary market exists for Paces common equity at this stage; shares are fully illiquid until an acquisition or IPO, realistically 4-7 years away given the 2022 founding and current Series A status.

Questions to Ask at the Interview

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

  • 1

    “What is your current ARR and net revenue retention, and what specific metrics are you targeting to trigger a Series B raise?”

  • 2

    “How does pricing work for enterprise customers like EDF — is it a subscription per-seat, per-project, or usage-based model, and what is the average contract value?”

  • 3

    “What is the current 409A-appraised strike price on employee options, and has there been a new valuation since the July 2024 Series A close?”

Community

Valuation Sentiment

Our model estimates +77% 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.