Protocol Labs

-100%

est. 2Y upside i

DevOps & InfraSeries D+

Protocol Labs makes internet protocols: IPFS, Filecoin, and more.

Rank

#3800

Sector

Web3 Infrastructure

Est. Liquidity

~4Y

Data Quality

Data: Low

Given the massive preference stack ($204M) against a declining revenue base ($23M and falling), common equity is likely worthless.

Last updated: July 19, 2026

Bull (10%)-100%

Even with a multiple expansion to 10x, projected revenue of $18.8M yields exit of $188M, below $204M preference, leaving common zero.

Base (55%)-100%

Exit multiple converges to 6x on declining revenue, exit $112.8M, well below $204M preference stack.

Bear (35%)-100%

Multiple compresses to 3x, exit $56.4M, complete loss for common.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

102%

Total funding $204M vs. assumed valuation $200M, leaving common with no economic value in nearly all scenarios

Dilution Risk

high

Further funding rounds will dilute existing common further, with no near-term cash flow

Secondary Liquidity

none

No secondary market data available; no stock transactions reported

What  We’re  Solving  — 2 roles

Last updated: September 6, 2026

Questions to Ask at the Interview

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

1
“How does Protocol Labs plan to achieve profitability and reduce cash burn?”
2
“What is the current Filecoin token price and how does it relate to company valuation?”
3
“Given the layoffs and negative growth, what is the realistic timeline to an exit?”

Our model estimates -100% 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.