-100%

est. 2Y upside i

AI & MLSeries C

Frontier open intelligence accessible to all. Our team previously built frontier LLMs at labs like DeepMind, OpenAI, and Anthropic.

Rank

#4007

Sector

Generative AI

Est. Liquidity

~3Y

Data Quality

Data: Low

The equity upside is severely negative due to a $27.5B valuation supported by only $20M ARR and a $4.6B liquidation preference.

Last updated: July 3, 2026

Bull (20%)-100%

Even using a 20x exit multiple on projected $55M revenue yields $1.1B enterprise value, far below the $4.6B liquidation preference, resulting in zero common equity value.

Base (40%)-100%

A 15x exit multiple on $55M revenue gives $825M enterprise value, still below total funding, so common stock is worthless.

Bear (40%)-100%

An 8x multiple yields $440M enterprise value; with $4.6B in preferred preference, common equity is completely wiped out.

Est. time to liquidity~3.0 years

Preference Stack Risk

moderate

Funding Intensity

1680%

Total funding of $4.63B / $27.5B valuation = 16.8% liquidation preference overhang.

Dilution Risk

low

Recent $2.5B Series C in April 2026 likely provides sufficient runway for 2+ years, so further dilution is unlikely.

Secondary Liquidity

none

No secondary market activity reported; private shares have no near-term liquidity options.

Other — 2 roles

View all 2 open roles at Reflection →

Last updated: March 10, 2026

Questions to Ask at the Interview

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

  • 1

    “How does Reflection plan to grow revenue from $20M to billions to justify the current valuation?”

  • 2

    “What is the expected timeline and likelihood of an IPO or secondary sale?”

  • 3

    “Given the $4.6B liquidation preference, what is the common equity's realistic payoff under various exit scenarios?”

Community

Valuation Sentiment

Our model estimates -100% upside. What do you think?

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Community Discussion

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.