+14%

est. 2Y upside i

FinTechSeries C

Phantom is a digital wallet reimagined for DeFi and NFTs. Phantom makes it safe & easy for you to store, send, receive, stake, and swap tokens on the Solana blockchain.

Rank

#1739

Sector

Fintech, Blockchain, Cryptocurrency

Est. Liquidity

~3Y

Data Quality

Data: High

Phantom offers a strong equity opportunity with a robust business model and high growth.

Last updated: July 21, 2026

Bull (20%)+91%

Bull case assumes exit multiple expands to 10x due to IPO trajectory and category leadership, driven by strong user growth and Hyperliquid perps revenue ($20M fees). Projected revenue $617M leads to exit $6.17B, upside 91% net of 15% dilution.

Base (35%)+29%

Base case assumes exit multiple converges to 7x (midpoint of comp range 5-8x), exit value $4.32B, upside 44% before 15% dilution, net 29%.

Bear (45%)-33%

Bear case assumes multiple compresses to 4x due to increased competition from Coinbase/Robinhood wallet, exit value $2.47B, downside -18% before 15% dilution, net -33%. Preference overhang $277M, well below exit, so common receives residual.

Est. time to liquidity~3.0 years

Preference Stack Risk

moderate

Funding Intensity

923%

Total preferred funding of $277M represents 9.2% of current $3B valuation, indicating moderate preference overhang.

Dilution Risk

low

With strong revenue growth and low capital intensity, further dilution within 2 years is unlikely, but we assume a 15% dilution for potential future raises.

Secondary Liquidity

limited

No secondary market data available; liquidity likely limited to IPO or acquisition.

Product & Design — 4 roles

Marketing — 2 roles

Brand Creative — 1 role

Customer Happiness — 1 role

Growth — 1 role

Operations & Strategy — 1 role

View all 18 open roles at Phantom →

Last updated: March 8, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Phantom plan to maintain its competitive edge against exchange-backed wallets?”

  • 2

    “What is the projected revenue mix between swap fees and perps fees, and how scalable is the perps business?”

  • 3

    “Given the regulatory environment, what is the timeline for Phantom to explore an IPO or other liquidity events?”

Community

Valuation Sentiment

Our model estimates +14% 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.