-70%

est. 2Y upside i

Series C

Rebuilding data in advertising to protect privacy

Rank

#3836

Sector

AdTech

Est. Liquidity

~3Y

Data Quality

Data: Low

Given the stale valuation, lack of growth data, and high preference stack of $105M (28% of valuation), the expected equity upside over 2 years is -69.6%, indicating a likely loss.

Last updated: July 3, 2026

Bull (10%)+40%

If Permutive capitalizes on privacy regulations and IPO window, revenue could grow 30% then 20% to $21.8M, with multiple expanding to 30x, yielding 74.9% raw upside, net of 20% dilution to 39.9%.

Base (55%)-70%

With revenue flat at $14M and multiple converging to 10x, raw upside is -62.6%, net of 20% dilution to -70.1%.

Bear (35%)-100%

If revenue declines and multiple compresses to 5x, exit value $56.7M below $105M liquidation preference, common stock returns -100%.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

28%

Total liquidation preference of $105M represents 28% of the $374.6M valuation, meaning at exit values below $105M common stock receives nothing.

Dilution Risk

high

Company likely requires additional funding as it has not raised since Nov 2021 and is not profitable, leading to employee dilution of ~20%.

Secondary Liquidity

none

No secondary market data available; current equity is illiquid.

Customer Success — 2 roles

Engineering — 2 roles

Partnership Operations — 2 roles

Marketing — 1 role

Product — 1 role

View all 8 open roles at Permutive →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Permutive's edge computing technology create a competitive moat against big tech walled gardens?”

  • 2

    “What is the company's path to profitability given the $14M revenue and $105M total funding?”

  • 3

    “How does the employee equity structure account for the significant liquidation preference and potential future dilution?”

Community

Valuation Sentiment

Our model estimates -70% 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.