-38%

est. 2Y upside i

ProductivitySeries B

Raycast is a developer of a command bar software intended to assist developers to control their tools. The company's software offers a search bar to quickly search commands and the built-in store to discover and install extensions such as Jira or GitHub, enabling clients to make easy access to various applications.

Rank

#3570

Sector

Business/Productivity Software

Est. Liquidity

~4Y

Data Quality

Data: Low

Despite Raycast's strong product and ecosystem, the equity upside over 2 years is negative (-38% expected) due to an implied high multiple (18.7x) and a severe preference overhang ($47.8M vs $150M).

Last updated: July 3, 2026

Bull (15%)+100%

Driven by AI adoption and category leadership, Raycast maintains 18x multiple on $15M revenue, yielding $300M exit, a 100% gain from $150M entry.

Base (40%)-20%

Multiple converges to public comp average of 8x on $15M revenue, yielding $120M exit, a 20% loss.

Bear (45%)-100%

Multiple compresses to 3x, exit value of $45M falls below $47.8M preference stack, wiping out common stock.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

3190%

Total preferred liquidation preference of $47.8M represents 31.9% of entry valuation, subordinating common stock.

Dilution Risk

low

No additional capital raise anticipated within 24 months given recent Series B.

Secondary Liquidity

none

No secondary market activity reported.

Design — 1 role

General — 1 role

View all 2 open roles at Raycast →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Raycast plan to compete against Apple Spotlight's native integration with Apple Intelligence?”

  • 2

    “What is the current revenue growth rate and path to profitability?”

  • 3

    “Given the preference stack of $47.8M, what is the realistic exit scenario for common stock holders?”

Community

Valuation Sentiment

Our model estimates -38% 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.