+29%

est. 2Y upside i

AI & MLClimate TechSeries B

Rank

#2539

Sector

Industrial AI, Energy Management, Data Center Optimization

Est. Liquidity

~5Y

Data Quality

Data: Low

Phaidra sits at the intersection of two powerful tailwinds — AI infrastructure buildout and energy efficiency mandates — with technically credible differentiation and marquee customers, but the employee equity story is complicated by three structural issues: the current valuation is undisclosed (estimated ~$300M post-Series B), $120M in cumulative liquidation preferences absorbs roughly 40% of that value before common stockholders participate, and a 40% bear probability reflects genuine incumbent risk from Google and Microsoft who can embed competing tools at no marginal cost.

Last updated: May 14, 2026

Bull (17%)+200%

AI data center buildout accelerates; Phaidra expands CoreWeave and Applied Digital wins to 20+ hyperscaler and colo deployments, pushing ARR past $50M by 2027 and attracting a Series C at ~$700M–$800M (~15x ARR) or strategic acquisition from Honeywell or Siemens. Employee equity roughly triples from the estimated ~$300M post-money Series B baseline.

Base (43%)+40%

Phaidra sustains 40–50% ARR growth, reaching ~$25–30M revenue by 2027, and closes a Series C in the $350–450M range (~12x ARR). Common stock appreciates modestly but liquidity remains 3–5 years out and a Series C round introduces 15–20% additional dilution.

Bear (40%)-55%

Google and Microsoft embed competing AI cooling and optimization capabilities natively into their cloud and BMS platforms, undercutting Phaidra's pricing and stalling growth below 25% YoY. A flat or down Series C reduces the implied common-stock value by 50–60% from current estimated levels.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

40%

$120M in total cumulative liquidation preferences sits against an estimated ~$300M post-money Series B valuation, meaning preferred investors are owed approximately 40 cents of every dollar of exit proceeds before common stockholders receive anything.

Dilution Risk

high

At Series B with an estimated 3–5 years to liquidity, Phaidra will almost certainly raise a Series C and potentially a Series D, compressing current employee ownership by a cumulative 25–40% before any exit event.

Secondary Liquidity

limited

No evidence of secondary market activity; at ~$300M implied valuation and Series B stage, tender offers or secondary transactions are possible but unlikely to materialize for another 12–24 months at minimum.

View all 7 open roles at Phaidra →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “Google is both a reference customer and an organization with deep proprietary data center operational data — what is Phaidra's specific plan to maintain pricing power and avoid displacement as Google, Microsoft, and AWS integrate native AI cooling and power optimization into their platforms over the next 3 years?”

  • 2

    “The most recent public revenue figure is $8.8M from December 2023 — can you share the current ARR, trailing YoY growth rate, and gross margin, and what percentage of revenue is recurring subscription versus one-time implementation or professional services?”

  • 3

    “What is the current 409A valuation per share relative to the Series B preferred price, how large is the remaining unallocated option pool, and what is the anticipated dilution schedule — including the expected Series C raise — before a realistic liquidity event?”

Community

Valuation Sentiment

Our model estimates +29% 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.