+52%

est. 2Y upside i

Series C

Rank

#952

Sector

Enterprise Software

Est. Liquidity

~2Y

Data Quality

Data: Medium

Physna offers a high-risk, high-potential equity opportunity.

Last updated: July 3, 2026

Bull (20%)+180%

Bull case: IPO window or category leadership drives exit multiple to 9x, yielding ~$399M exit. After 20% dilution, upside ~180%.

Base (35%)+133%

Base case: Multiple converges to 7x, in line with comps, exit ~$310M. After dilution, upside ~132.5%.

Bear (45%)-67%

Bear case: Multiple contracts to 4x, exit ~$177M; after preference stack (1x on $112.6M) common recovers ~$64.8M, then 20% dilution yields -67.3% return.

Est. time to liquidity~2.0 years

Preference Stack Risk

severe

Funding Intensity

92%

Preferred stock has 1x liquidation preference on $112.6M, representing 91.6% of the current valuation, leaving little residual value for common in a downside exit.

Dilution Risk

high

Given high burn and no profitability, a subsequent round within 2 years is likely, potentially diluting common by ~20%.

Secondary Liquidity

none

No secondary sales observed; liquidity events are uncertain.

Questions to Ask at the Interview

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

  • 1

    “How does Physna plan to defend against Autodesk's entry into geometric search?”

  • 2

    “What is the unit economics and path to profitability given the high growth and burn?”

  • 3

    “How does the equity structure (preference stack) impact employee common stock value in a down-round scenario?”

Community

Valuation Sentiment

Our model estimates +52% 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.